Wheeler Real Estate Investment Trust (WHLR) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 06, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	0001527541
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,693,271
Entity Current Reporting Status	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS:
Investment properties, net	$ 418,338	$ 436,006
Cash and cash equivalents	5,233	3,544
Restricted cash	17,294	14,455
Rents and other tenant receivables, net	5,947	5,539
Notes receivable, net	0	5,000
Assets held for sale	1,756	6,118
Above market lease intangibles, net	5,678	7,346
Operating lease right-of-use assets	11,698	0
Deferred costs and other assets, net	23,257	30,073
Total Assets	489,201	508,081
LIABILITIES:
Loans payable, net	342,811	360,190
Liabilities associated with assets held for sale	2,060	4,520
Below market lease intangibles, net	7,909	10,045
Operating lease liabilities	11,921	0
Accounts payable, accrued expenses and other liabilities	10,592	12,116
Total Liabilities	375,293	386,871
EQUITY:
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,693,271 and 9,511,464 shares issued and outstanding, respectively)	97	95
Accumulated deficit	(248,319)	(233,184)
Additional paid-in capital	233,861	233,697
Total Shareholders’ Equity	27,157	42,061
Noncontrolling interests	2,094	2,194
Total Equity	29,251	44,255
Total Liabilities and Equity	489,201	508,081
Series D Preferred
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 shares issued and outstanding; $99.24 million and $91.98 million aggregate liquidation preference, respectively)	84,657	76,955
Series A Preferred
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference)	453	453
Series B Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference)	$ 41,065	$ 41,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	18,750,000	18,750,000
Common stock, shares issued (in shares)	9,693,271	9,511,464
Common stock, shares outstanding (in shares)	9,693,271	9,511,464
Series D Preferred
Preferred stock, no par value
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	3,600,636	3,600,636
Preferred stock, shares outstanding (in shares)	3,600,636	3,600,636
Preferred stock, aggregate liquidation preference	$ 99,240,000	$ 91,980,000
Series A Preferred
Preferred stock, no par value (in usd per share)
Preferred stock, shares authorized (in shares)	4,500	4,500
Preferred stock, shares issued (in shares)	562	562
Preferred stock, shares outstanding (in shares)	562	562
Preferred stock, aggregate liquidation preference	$ 562,000	$ 562,000
Series B Preferred Stock
Preferred stock, no par value (in usd per share)
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	1,875,748	1,875,748
Preferred stock, shares outstanding (in shares)	1,875,748	1,875,748
Preferred stock, aggregate liquidation preference	$ 46,900,000	$ 46,900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUE:
Rental revenues	$ 15,385,000	$ 15,756,000	$ 46,546,000	$ 47,288,000
Asset management fees	16,000	48,000	42,000	220,000
Total Revenue	15,565,000	16,073,000	47,092,000	49,307,000
OPERATING EXPENSES:
Property operations	4,967,000	4,687,000	14,288,000	13,804,000
Non-REIT management and leasing services	1,000	23,000	25,000	59,000
Depreciation and amortization	5,066,000	6,045,000	16,169,000	20,943,000
Impairment of notes receivable	0	0	5,000,000	0
Impairment of assets held for sale	400,000	0	1,547,000	0
Corporate general & administrative	1,349,000	1,703,000	4,543,000	6,479,000
Other operating expenses	0	250,000	0	250,000
Total Operating Expenses	11,783,000	12,708,000	41,572,000	41,535,000
(Loss) gain on disposal of properties	(81,000)	1,257,000	1,427,000	2,312,000
Operating Income	3,701,000	4,622,000	6,947,000	10,084,000
Interest income	1,000	1,000	2,000	3,000
Interest expense	(4,654,000)	(5,183,000)	(14,394,000)	(14,940,000)
Net Loss from Continuing Operations Before Income Taxes	(952,000)	(560,000)	(7,445,000)	(4,853,000)
Income tax expense	(8,000)	(30,000)	(23,000)	(72,000)
Net Loss	(960,000)	(590,000)	(7,468,000)	(4,925,000)
Income from Discontinued Operations	0	0	0	903,000
Net Loss	(960,000)	(590,000)	(7,468,000)	(4,022,000)
Less: Net (loss) income attributable to noncontrolling interests	(1,000)	12,000	(100,000)	(70,000)
Net Loss Attributable to Wheeler REIT	(959,000)	(602,000)	(7,368,000)	(3,952,000)
Preferred Stock dividends - declared	0	(3,208,000)	0	(9,621,000)
Preferred Stock dividends - undeclared	(3,657,000)	0	(10,972,000)	0
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (4,616,000)	$ (3,810,000)	$ (18,340,000)	$ (13,573,000)
Loss per share from continuing operations (basic and diluted) (in dollars per share)	$ (0.48)	$ (0.41)	$ (1.90)	$ (1.58)
Income per share from discontinued operations (basic and diluted) (in dollars per share)	0	0	0	0.10
Earnings per share (basic and diluted) (in dollars per share)	$ (0.48)	$ (0.41)	$ (1.90)	$ (1.48)
Weighted-average number of shares:
Basic and Diluted (in shares)	9,693,271	9,385,666	9,664,582	9,179,366
Commissions
REVENUE:
Non-lease revenues	$ 18,000	$ 52,000	$ 65,000	$ 102,000
Other revenues
REVENUE:
Non-lease revenues	$ 146,000	$ 217,000	$ 439,000	$ 1,697,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Series B Preferred Stock	Total Shareholders’ Equity	Total Shareholders’ EquitySeries B Preferred Stock	Preferred StockSeries A Preferred	Preferred StockSeries B Preferred Stock	Common Stock	Common StockSeries B Preferred Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries B Preferred Stock	Accumulated Deficit	Noncontrolling Interests
Beginning balance, shares at Dec. 31, 2017					562	1,875,848	8,744,189					635,018
Beginning balance at Dec. 31, 2017	$ 70,596		$ 63,508		$ 453	$ 40,915	$ 87		$ 226,978		$ (204,925)	$ 7,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		$ 22		$ 22		$ 22
Issuance of Common Stock under Share Incentive Plan, shares							43,459
Issuance of Common Stock under Share Incentive Plan	330		330						330
Conversion of Series B Preferred Stock to Common Stock, shares						(100)		62
Conversion of Series B Preferred Stock to Common Stock						$ (2)				$ 2
Conversion of operating partnership units into common stock, shares							9,706					(9,706)
Conversion of operating partnership units to Common Stock			64						64			$ (64)
Issuance of Common Stock for acquisition of JANAF, shares							150,000
Issuance of Common Stock for acquisition of JANAF	1,130		1,130				$ 2		1,128
Adjustment for noncontrolling interest in operating partnership			505						505			(505)
Dividends and distributions	(3,207)		(3,207)								(3,207)
Net Income (loss)	(1,872)		(1,825)								(1,825)	$ (47)
Ending balance, shares at Mar. 31, 2018					562	1,875,748	8,947,416					625,312
Ending balance at Mar. 31, 2018	66,999		60,527		$ 453	$ 40,935	$ 89		229,007		(209,957)	$ 6,472
Beginning balance, shares at Dec. 31, 2017					562	1,875,848	8,744,189					635,018
Beginning balance at Dec. 31, 2017	70,596		63,508		$ 453	$ 40,915	$ 87		226,978		(204,925)	$ 7,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	509
Net Income (loss)	(4,022)
Ending balance, shares at Sep. 30, 2018					562	1,875,748	9,401,936					295,550
Ending balance at Sep. 30, 2018	59,042		56,028		$ 453	$ 40,978	$ 94		233,001		(218,498)	$ 3,014
Beginning balance, shares at Mar. 31, 2018					562	1,875,748	8,947,416					625,312
Beginning balance at Mar. 31, 2018	66,999		60,527		$ 453	$ 40,935	$ 89		229,007		(209,957)	$ 6,472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		22		22		$ 22
Issuance of Common Stock under Share Incentive Plan, shares							83,854
Issuance of Common Stock under Share Incentive Plan	398		398				$ 1		397
Conversion of operating partnership units into common stock, shares							311,307					(311,307)
Conversion of operating partnership units to Common Stock			1,154				$ 3		1,151			$ (1,154)
Adjustment for noncontrolling interest in operating partnership			2,081						2,081			(2,081)
Dividends and distributions	(3,206)		(3,206)								(3,206)
Net Income (loss)	(1,560)		(1,525)								(1,525)	$ (35)
Ending balance, shares at Jun. 30, 2018					562	1,875,748	9,342,577					314,005
Ending balance at Jun. 30, 2018	62,653		59,451		$ 453	$ 40,957	$ 93		232,636		(214,688)	$ 3,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		21		21		$ 21
Issuance of Common Stock under Share Incentive Plan, shares							40,904
Issuance of Common Stock under Share Incentive Plan	166		166				$ 1		165
Conversion of operating partnership units into common stock, shares							18,455					(18,455)
Conversion of operating partnership units to Common Stock			80				$ 0		80			$ (80)
Adjustment for noncontrolling interest in operating partnership			120						120			(120)
Dividends and distributions	(3,208)		(3,208)								(3,208)
Net Income (loss)	(590)		(602)								(602)	$ 12
Ending balance, shares at Sep. 30, 2018					562	1,875,748	9,401,936					295,550
Ending balance at Sep. 30, 2018	59,042		56,028		$ 453	$ 40,978	$ 94		233,001		(218,498)	$ 3,014
Beginning balance, shares at Dec. 31, 2018					562	1,875,748	9,511,464					235,032
Beginning balance at Dec. 31, 2018	44,255		42,061		$ 453	$ 41,000	$ 95		233,697		(233,184)	$ 2,194
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		22		22		$ 22
Issuance of Common Stock under Share Incentive Plan, shares							181,807
Issuance of Common Stock under Share Incentive Plan	166		166				$ 2		164
Dividends and distributions	(2,589)		(2,589)								(2,589)
Net Income (loss)	655		642								642	$ 13
Ending balance, shares at Mar. 31, 2019					562	1,875,748	9,693,271					235,032
Ending balance at Mar. 31, 2019	42,509		40,302		$ 453	$ 41,022	$ 97		233,861		(235,131)	$ 2,207
Beginning balance, shares at Dec. 31, 2018					562	1,875,748	9,511,464					235,032
Beginning balance at Dec. 31, 2018	44,255		42,061		$ 453	$ 41,000	$ 95		233,697		(233,184)	$ 2,194
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	510
Net Income (loss)	(7,468)
Ending balance, shares at Sep. 30, 2019					562	1,875,748	9,693,271					235,032
Ending balance at Sep. 30, 2019	29,251		27,157		$ 453	$ 41,065	$ 97		233,861		(248,319)	$ 2,094
Beginning balance, shares at Mar. 31, 2019					562	1,875,748	9,693,271					235,032
Beginning balance at Mar. 31, 2019	42,509		40,302		$ 453	$ 41,022	$ 97		233,861		(235,131)	$ 2,207
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		22		22		$ 22
Dividends and distributions	(2,590)		(2,590)								(2,590)
Net Income (loss)	(7,163)		(7,051)								(7,051)	$ (112)
Ending balance, shares at Jun. 30, 2019					562	1,875,748	9,693,271					235,032
Ending balance at Jun. 30, 2019	32,778		30,683		$ 453	$ 41,044	$ 97		233,861		(244,772)	$ 2,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		$ 21		$ 21		$ 21
Dividends and distributions	(2,588)		(2,588)								(2,588)
Net Income (loss)	(960)		(959)								(959)	$ (1)
Ending balance, shares at Sep. 30, 2019					562	1,875,748	9,693,271					235,032
Ending balance at Sep. 30, 2019	$ 29,251		$ 27,157		$ 453	$ 41,065	$ 97		$ 233,861		$ (248,319)	$ 2,094

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (7,468,000)	$ (4,022,000)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation	8,991,000	9,553,000
Amortization	7,178,000	11,390,000
Loan cost amortization	1,336,000	1,682,000
Above (below) market lease amortization, net	(585,000)	(421,000)
Straight-line expense	140,000	16,000
Share-based compensation	244,000	727,000
Gain on disposal of properties	(1,427,000)	(2,312,000)
Gain on disposal of properties-discontinued operations	0	(903,000)
Credit losses on operating lease receivables	315,000	412,000
Impairment of notes receivable	5,000,000	0
Impairment of assets held for sale	1,547,000	0
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	(520,000)	919,000
Unbilled rent	(60,000)	(1,037,000)
Related party receivables	0	1,000
Deferred costs and other assets, net	(335,000)	71,000
Accounts payable, accrued expenses and other liabilities	(1,738,000)	2,466,000
Net operating cash flows used in discontinued operations	(2,000)	(2,000)
Net cash provided by operating activities	12,616,000	18,540,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions, net of restricted cash acquired	(24,000)	(23,153,000)
Capital expenditures	(1,405,000)	(3,846,000)
Cash received from disposal of properties	3,584,000	3,231,000
Cash received from disposal of properties-discontinued operations	19,000	2,747,000
Net cash provided by (used in) investing activities	2,174,000	(21,021,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(537,000)	(1,192,000)
Dividends and distributions paid	0	(11,554,000)
Proceeds from sales of Preferred Stock, net of expenses	0	21,158,000
Loan proceeds	24,165,000	28,487,000
Loan principal payments	(33,890,000)	(26,282,000)
Net financing cash flows used in discontinued operations	0	(76,000)
Net cash (used in) provided by financing activities	(10,262,000)	10,541,000
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4,528,000	8,060,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	17,999,000	12,286,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	22,527,000	20,346,000
Non-Cash Transactions:
Debt incurred for acquisitions	0	58,867,000
Conversion of common units to common stock	0	1,298,000
Conversion of Series B Preferred Stock to Common Stock	0	2,000
Issuance of Common Stock for acquisition	0	1,130,000
Accretion of preferred stock discounts	510,000	509,000
Other Cash Transactions:
Cash paid for taxes	6,000	39,000
Cash paid for interest	13,218,000	13,084,000
Cash, cash equivalents, and restricted cash	$ 17,999,000	$ 12,286,000

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Organization and Basis of Presentation and Consolidation	Organization and Basis of Presentation and Consolidation Wheeler Real Estate Investment Trust, Inc. (the "Trust", the "REIT", or "Company") is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P. (the “Operating Partnership”), which was formed as a Virginia limited partnership on April 5, 2012. As of September 30, 2019 , the Trust, through the Operating Partnership, owned and operated sixty-one centers, one office building and six undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey, Pennsylvania and West Virginia. Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. On October 24, 2014, the Trust, through the Operating Partnership, acquired (i) Wheeler Interests, LLC (“WI”), an acquisition and asset management firm, (ii) Wheeler Real Estate, LLC (“WRE”), a real estate leasing, management and administration firm and (iii) WHLR Management, LLC (“WM” and collectively with WI and WRE the “Operating Companies”), a real estate business operations firm, from Jon S. Wheeler, the Company's then Chairman and CEO, resulting in the Company becoming an internally-managed REIT. Accordingly, the responsibility for identifying targeted real estate investments, the handling of the disposition of real estate investments our Board of Directors chooses to sell, administering our day-to-day business operations, including but not limited to, leasing, property management, payroll and accounting functions, acquisitions, asset management and administration are now handled internally. The Operating Companies perform property management and leasing functions for certain related and non-related third parties (the “Non-REIT Properties”), primarily through WRE. The Company converted WRE to a Taxable REIT Subsidiary (“TRS”) to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS. During January 2014, the Company acquired Wheeler Development, LLC (“WD”) and converted it to a TRS. The Company began performing development activities for both REIT Properties and Non-REIT Properties during 2015. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) are unaudited and the results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for future periods or the year. However, amounts presented in the condensed consolidated balance sheet as of December 31, 2018 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The Company prepared the accompanying condensed consolidated financial statements in accordance with GAAP for interim financial statements. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. All material balances and transactions between the consolidated entities of the Company have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company's 2018 Annual Report filed on Form 10-K for the year ended December 31, 2018 (the “ 2018 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company capitalizes interest on projects during periods of construction until the projects reach the completion point that corresponds with their intended purpose. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated undiscounted operating income before depreciation and amortization includes various level 3 fair value assumptions including renewal and renegotiations of current leases, estimates of new leases on vacant spaces, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below correct estimates, then impairment adjustments may be necessary in the future. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects for vacant spaces and local market information. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell an impairment charge is recognized. The Company estimates fair value, less estimated closing costs based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company recorded impairment charges of $400 thousand and $1.55 million for the three and nine months ended September 30, 2019, respectively, which resulted from reducing the carrying values of Perimeter Square and St. Matthews for the amounts that exceeded the properties' fair value less estimated selling costs, see Note 3. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250 thousand . The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. Tenant Receivables and Unbilled Rent Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of September 30, 2019 and December 31, 2018 , the Company’s allowance for uncollectible accounts totaled $1.07 million and $1.07 million , respectively. Upon adoption of ASC Topic 842 "Leases," reserves for uncollectible accounts were recorded and reclassified to revenue. Prior to adoption, reserves for uncollectible accounts were recorded as an operating expense, provision for credit losses. The standard also provides guidance on calculating reserves; however, those did not impact the Company. During the three and nine months ended September 30, 2019, the Company recorded a provision for credit losses in the amount of $115 thousand and $315 thousand , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and nine months ended September 30, 2018, the Company recorded a provision for credit losses in the amount of $149 thousand and $412 thousand , respectively. These are included in rental revenues on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2019 and 2018 , the Company did not realize any recoveries related to tenant receivables previously written off. Notes Receivable Notes receivable represent financing to Sea Turtle Development as discussed in Note 4 for development of the project. The notes are secured by a 2nd deed of trust on the underlying real estate known as Sea Turtle Development. The Company evaluates the collectability of both the interest and principal of the notes receivable based primarily upon the projected fair market value of the project at stabilization. The notes receivable are determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value. Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues. Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs, tenant relationship and ground lease sandwich interest intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships and ground lease sandwich interest represents a component of depreciation and amortization expense. Revenue Recognition Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. At September 30, 2019 and December 31, 2018, there were $3.37 million and $3.12 million , respectively, in unbilled rent which is included in "rents and other tenant receivables, net." Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three and nine months ended September 30, 2019 and 2018. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which is included in "other revenues" on the condensed consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. Asset Management Fees Asset management fees are generated from Non-REIT Properties. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively, for services performed. Revenues are governed by the management fee agreements for the various properties. Obligations under the agreements include and are not limited to: managing of maintenance, janitorial, security, landscaping, vendors and back office (collecting rents, paying bills), etc. Each of the obligations are bundled together to be one service and are satisfied over time. Non-REIT Properties are billed monthly and typically pay monthly for these services. Commissions Commissions are generated from Non-REIT Properties. The Non-REIT Properties pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Revenues are governed by the leasing commission agreements for the various properties. Obligations under the agreements include and are not limited to: monitoring upcoming vacancies, new tenant identification, proposal preparation, lease negotiation and document preparation. Each of the obligations are bundled together to be one service as the overall objective of these services is to maintain the overall occupancy of the property. Revenue is recognized and billed upon lease execution. The below table disaggregates the Company’s revenue by type of service for the three and nine months ended September 30, 2019 and 2018 (in thousands, unaudited): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Minimum rent $ 12,169 $ 12,704 $ 36,604 $ 38,187 Tenant reimbursements - variable lease revenue 3,262 3,150 9,999 9,337 Percentage rent - variable lease revenue 69 51 258 176 Lease termination fees — (15 ) 49 1,269 Commissions 18 52 65 102 Asset management fees 16 48 42 220 Other 146 232 390 428 Subtotal 15,680 16,222 47,407 49,719 Credit losses on operating lease receivables (115 ) (149 ) (315 ) (412 ) Total $ 15,565 $ 16,073 $ 47,092 $ 49,307 Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. The TRS' have accrued $30 thousand and $13 thousand , respectively, for federal and state income taxes as of September 30, 2019 and December 31, 2018. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status, it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to a reasonable cause and certain other conditions were satisfied. Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that the Trust exists to acquire, lease and manage properties for the benefit of its investors. Accordingly, a majority of the Company’s operations occur at the property level. Each property must carry its own weight by absorbing the costs associated with generating its revenues. Additionally, leases generally allow the Company to pass through to the tenant most of the costs involved in operating the property, including, but not limited to, the direct costs associated with owning and maintaining the property (landscaping, repairs and maintenance, taxes, insurance, etc.), property management and certain administrative costs. Service vendors bill the majority of the direct costs of operating the properties directly to the REIT Properties and Non-REIT Properties and each property pays them accordingly. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively. The Non-REIT Properties also pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Costs incurred to manage, lease and administer the Non-REIT Properties are allocated to the TRS. These costs include compensation and benefits, property management, leasing and other corporate, general and administrative expenses associated with generating the TRS' revenues. Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity. Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates. Advertising Costs For Leasing Activities The Company expenses advertising and promotion costs as incurred. The Company incurred advertising and promotion costs associated with leasing activities of $35 thousand and $198 thousand for the three and nine months ended September 30, 2019 , respectively. The Company incurred advertising and promotion costs of $36 thousand and $194 thousand for the three and nine months ended September 30, 2018, respectively. Corporate General and Administrative Expense A detail for the "corporate general & administrative" ("CG&A") line item from the condensed consolidated statements of operations is presented below (in thousands, unaudited): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Compensation and benefits $ 455 $ 554 $ 1,562 $ 2,001 Professional fees 444 638 1,371 2,309 Corporate administration 326 299 934 968 Capital related costs 4 110 140 408 Taxes and licenses 40 23 172 227 Other 80 168 364 717 1,349 1,792 4,543 6,630 Less: Allocation of CG&A to Non-REIT management and leasing services — (89 ) — (151 ) Total $ 1,349 $ 1,703 $ 4,543 $ 6,479 An allocation of professional fees, compensation and benefits, corporate administration and travel is included in Non-REIT management and leasing services on the condensed consolidated statements of operations, which can vary period to period depending on the relative operational fluctuations of these respective services. Leases Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statements of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s common stock $0.01 par value per share (“Common Stock”). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. Adoption of ASC Topic 842, “Leases” In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)”, to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. The Company adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective approach within ASU 2018-11, which allows for the application date to be the beginning of the reporting period in which the entity first applies the new standard. The Company did not have a cumulative-effect adjustment as of the adoption date. In addition, the Company implemented internal controls to enable the preparation of financial information upon adoption. The Company elected the package of transition practical expedients where the company is either the lessee or lessor, which among other things, allowed the Company to carry forward the historical lease classifications and use hindsight in determining the lease terms. The standard had a material impact on the Company's condensed consolidated balance sheets, but did not have a material impact on the condensed consolidated statements of operations. The most significant impact was the recognition of ROU assets and lease liabilities of approximately $11.90 million and $11.99 million , respectively, for operating leases as of January 1, 2019, calculated based on an incremental borrowing rate of 4.84% . The difference between the ROU assets and lease liabilities at adoption represents the accrued straight-line rent liability previously recognized under ASC 840. The standard had no impact on the Company's cash flows. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. In addition, in November 2018 the FASB issued ASU 2018-19, which clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)". This update modifies the disclosure requirements on fair value measurements in Topic 820 with several removals and additions for disclosures. The guidance will add disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company anticipates that there will be no material impact on its consolidated financial statements upon adoption of the guidance. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. Reclassifications The Company has reclassified certain prior period amounts in the accompanying condensed consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. Tenant reimbursements and provision for credit losses were reclassified to rental revenues on the condensed consolidated statements of operations to conform to 2019 presentation as a result of adopting ASU 2016-02, “Leases (Topic 842).” There are two reclassifications within the condensed consolidated statement of cash flows, one pertains to the straight-line expense operating activity adjustment on those leases which the Company is a lessee and the other is the presentation of credit losses on operating lease receivables. These reclassifications did not impact cash provided by (used in) operating, investing, or financing activities. As of September 30, 2019, it was determined that the six undeveloped Land Parcels (the “Land Parcels”) previously classified as assets held for sale at December 31, 2018 no longer meet the definition of assets held for sale. Management’s intention to sell the parcels has not changed; however, they are in secondary and tertiary markets with minimal land sales and it is not probable they will sell in the next twelve months. Accordingly, the assets and liabilities of the Land Parcels were reclassified to “land and land improvements” within investment properties for all periods presented, see Note 3.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Land and land improvements $ 100,135 $ 101,696 Buildings and improvements 365,686 374,499 Investment properties at cost 465,821 476,195 Less accumulated depreciation (47,483 ) (40,189 ) Investment properties, net $ 418,338 $ 436,006 The Company’s depreciation expense on investment properties was $2.92 million and $8.99 million for the three and nine months ended September 30, 2019 , respectively. The Company’s depreciation expense on investment properties was $3.05 million and $9.55 million for the three and nine months ended September 30, 2018, respectively. A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership. Assets Held for Sale At December 31, 2018, assets held for sale included a 1.28 acre undeveloped land parcel at Harbor Pointe ("Harbor Pointe land parcel"), Graystone Crossing and Jenks Plaza. All three were sold during the nine months ended September 30, 2019. Additionally, in 2019 the Board committed to a plan to sell Perimeter Square and St. Matthews. Perimeter Square sold in July 2019. St. Matthews is classified as assets held for sale as of September 30, 2019. The Harbor Pointe land parcel sale represents discontinued operations as it is a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the assets and liabilities associated with the Harbor Pointe land parcel have been reclassified for all periods presented. The impairment charge on assets held for sale was $400 thousand and $1.55 million for the three and nine months ended September 30, 2019, respectively. These impairment charges resulted from reducing the carrying value of St. Matthews during the three months ended September 30, 2019 and Perimeter Square and St. Matthews during the nine months ended September 30, 2019, for the amounts that exceeded the properties' fair value less estimated selling costs. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. As of September 30, 2019 and December 31, 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Investment properties, net $ 1,702 $ 4,912 Rents and other tenant receivables, net 52 72 Above market leases, net — 420 Deferred costs and other assets, net 2 228 Total assets held for sale, excluding discontinued operations $ 1,756 $ 5,632 September 30, 2019 December 31, 2018 (unaudited) Loans payable $ 1,974 $ 3,818 Accounts payable 86 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 2,060 $ 4,058 As of September 30, 2019 and December 31, 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Investment properties, net $ — $ 486 Total assets held for sale, discontinued operations $ — $ 486 September 30, 2019 December 31, 2018 (unaudited) Loans payable $ — $ 460 Accounts payable — 2 Total liabilities associated with assets held for sale, discontinued operations $ — $ 462 Dispositions In May 2019, an approximate 10,000 square foot outparcel at the JANAF property was demolished resulting in a $331 thousand write-off to make way for a new approximate 20,000 square foot building constructed by a new grocer tenant. The following properties were sold during the nine months ended September 30, 2019 and 2018: Disposal Date Property Contract Price Gain (loss) Net Proceeds (in thousands, unaudited) July 12, 2019 Perimeter Square $ 7,200 $ (81 ) $ — March 18, 2019 Graystone Crossing 6,000 1,452 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 June 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,042 1,160 The sale of the Chipotle ground lease at Conyers Crossing, Shoppes at Eagle Harbor, Jenks Plaza, Graystone Crossing and Perimeter Square did not represent a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the operating results of these properties remains classified within continuing operations for all periods presented. JANAF Executive Building In April 2019, the Company absorbed an approximate 25,000 square foot outparcel at JANAF as a result of an unlawful detainer with a delinquent tenant, Mariner Investments, LTD.

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2019
Notes Receivable [Abstract]
Notes Receivable	Notes Receivable On September 29, 2016, the Company entered into an $11.00 million note receivable for the partial funding of the Sea Turtle Development (“Sea Turtle”) and a $1.00 million note receivable in consideration for the sale of 10.39 acres of land owned by the Company. Sea Turtle was a related party as Jon Wheeler, the Company's former CEO and shareholder of the Company, is the managing member as discussed in Note 11. The rate on the loans is 12% annually. Interest only payments at a rate of 8% are due on the notes at the beginning of every calendar quarter starting October 2016. Interest at a rate of 4% accrues and is due at maturity. The notes mature the earlier of September 29, 2021 or the disposition of the property. Both promissory notes are subordinated to the construction loans made by the Bank of Arkansas (“BOKF”), totaling $20.00 million . On or about April 9, 2019, BOKF filed a Verified Complaint in state court in Beaufort County, South Carolina for Sea Turtle’s default on payment of the BOKF construction loans, and for the appointment of a receiver, injunctive relief and accounting records. On May 7, 2019, Sea Turtle filed a Chapter 11 Voluntary Petition for Bankruptcy in the United States Bankruptcy Court for the District of South Carolina in Charleston. The bankruptcy petition automatically stayed BOKF’s suit. The pleadings in the state court action and the bankruptcy action state that Sea Turtle has been in default on its payments to BOKF since September, 2018. The pleadings further state that the project is $8.00 million over budget as of August 8, 2018. Sea Turtle has retained a broker to try and sell the property. There is a possibility that a judicially approved sale of the property will not bring a price that exceeds what is owed to BOKF on its construction loans. If a sale is not approved through the bankruptcy court in 2019, it is expected that the bankruptcy petition will be dismissed and BOKF will resume its suit in South Carolina state court, possibly leading to a foreclosure on the property. The pending legal proceedings have provided additional uncertainty with regards to the estimated fair market value of the development. As such, the Company recognized $0.00 million and $5.00 million in impairment charges on the notes receivable for the three and nine months ended September 30, 2019, respectively, as the estimated fair value of Sea Turtle is not expected to provide for the cash required to repay the notes receivable in the event of a judicially approved sale. The total impairment charge on the notes receivable is $12.00 million and the carrying value is zero as of September 30, 2019. The fair market value of Sea Turtle is based on the three-level valuation hierarchy for fair value measurement and represents Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Additionally in 2018, the Company placed the notes receivable on nonaccrual status and during the three and nine months ended September 30, 2019 and 2018 has not recognized $363 thousand and $1.08 million , respectively, of interest income due on the notes.

Deferred Costs

Deferred Costs	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs	Deferred Costs Deferred costs, net of amortization and other assets are as follows (in thousands): September 30, 2019 December 31, 2018 (unaudited) Leases in place, net $ 16,530 $ 21,785 Tenant relationships, net 2,481 3,764 Ground lease sandwich interest, net 2,283 2,488 Lease origination costs, net 1,166 1,261 Legal and marketing costs, net 48 59 Other 749 716 Total deferred costs and other assets, net $ 23,257 $ 30,073 As of September 30, 2019 and December 31, 2018 , the Company’s intangible accumulated amortization totaled $55.36 million and $50.55 million , respectively. During the three and nine months ended September 30, 2019 , the Company’s intangible amortization expense totaled $2.14 million and $7.18 million , respectively. During the three and nine months ended September 30, 2018, the Company's intangible amortization expense totaled $2.99 million and $11.39 million , respectively. Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands, unaudited): Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining three months ending December 31, 2019 $ 1,358 $ 308 $ 68 $ 54 $ 3 $ 1,791 For the years ending: December 31, 2020 4,506 860 274 187 11 5,838 December 31, 2021 2,810 448 274 174 9 3,715 December 31, 2022 2,142 354 274 132 6 2,908 December 31, 2023 1,661 227 274 115 6 2,283 December 31, 2024 1,147 128 274 100 3 1,652 Thereafter 2,906 156 845 404 10 4,321 $ 16,530 $ 2,481 $ 2,283 $ 1,166 $ 48 $ 22,508

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Loans Payable	Loans Payable The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Rate Maturity September 30, 2019 December 31, 2018 Harbor Pointe (1) $ 11,024 5.85 % December 2018 $ — $ 460 Perimeter Square (1) Interest only 6.50 % June 2019 — 6,250 Perimeter Square construction loan (1) Interest only 6.50 % June 2019 — 247 Revere Term Loan $ 109,658 10.00 % April 2019 — 1,059 Senior convertible notes $ 234,199 9.00 % June 2019 — 1,369 DF I-Moyock $ 10,665 5.00 % July 2019 — 73 Rivergate $ 144,937 Libor + 295 basis points December 2019 21,688 22,117 KeyBank Line of Credit (6) $ 250,000 Libor + 350 basis points Various (6) 25,991 52,102 Folly Road $ 32,827 4.00 % March 2020 5,961 6,073 Columbia Fire Station $ 25,452 4.00 % May 2020 4,086 4,189 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,394 5,539 First National Bank Line of Credit $ 24,656 Libor + 300 basis points September 2020 1,271 2,938 Lumber River $ 10,723 Libor + 350 basis points October 2020 1,416 1,448 JANAF Bravo $ 36,935 4.65 % January 2021 6,407 6,500 Walnut Hill Plaza $ 26,850 5.50 % September 2022 3,787 3,868 Twin City Commons $ 17,827 4.86 % January 2023 3,000 3,048 New Market $ 48,747 5.65 % June 2023 6,763 6,907 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,414 7,567 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,660 5,713 JANAF $ 333,159 4.49 % July 2023 51,021 52,253 Tampa Festival $ 50,797 5.56 % September 2023 8,116 8,227 Forrest Gallery $ 50,973 5.40 % September 2023 8,419 8,529 Riversedge North $ 11,436 5.77 % December 2023 1,775 1,800 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,725 11,867 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,297 6,379 Port Crossing $ 34,788 4.84 % August 2024 6,063 6,150 Freeway Junction $ 41,798 4.60 % September 2024 7,761 7,863 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,434 3,486 Graystone Crossing (1) $ 20,386 4.55 % October 2024 — 3,863 Bryan Station $ 23,489 4.52 % November 2024 4,414 4,472 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre Interest only 4.15 % February 2025 8,113 8,113 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Butler Square Interest only 3.90 % May 2025 5,640 5,640 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio (4) Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza Interest only 4.82 % December 2025 4,620 4,620 JANAF BJ's $ 29,964 4.95 % January 2026 4,985 5,065 Chesapeake Square $ 23,857 4.70 % August 2026 4,373 4,434 Berkley/Sangaree/Tri-County Interest only 4.78 % December 2026 9,400 9,400 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village Interest only 4.93 % January 2027 8,516 8,516 Village of Martinsville $ 89,664 4.28 % July 2029 16,442 — Laburnum Square Interest only 4.28 % September 2029 7,665 — Total Principal Balance (1) 349,085 369,612 Unamortized debt issuance cost (1) (4,300 ) (5,144 ) Total Loans Payable, including assets held for sale 344,785 364,468 Less loans payable on assets held for sale, net loan amortization costs 1,974 4,278 Total Loans Payable, net $ 342,811 $ 360,190 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. (4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square. (6) Collateralized by Darien Shopping Center, Devine Street, Lake Murray, Litchfield Market Village, Moncks Corner, Shoppes at Myrtle Park, South Lake and St. Matthews (assets held for sale). The various maturity dates are disclosed below within Note 6 under the KeyBank Credit Agreement. KeyBank Credit Agreement On December 21, 2017, the Company entered into an Amended and Restated Credit Agreement to the KeyBank Credit Agreement (the “Amended and Restated Credit Agreement”) for the line of credit with KeyBank (the "KeyBank Line of Credit"). The revolving facility will mature on December 21, 2019, but may be extended at the Company’s option for an additional one -year period, subject to certain customary conditions. The interest rate remains the same at Libor plus 250 basis points based on the Company’s Consolidated Leverage Ratio (as defined in the Amended and Restated Credit Agreement). At December 31, 2018, a $3.83 million over advance (the “Overadvance”) on the Borrowing Base Availability (as defined in the Amended and Restated Credit Agreement) existed as a result of the 2018 refinancing of six assets off the KeyBank Line of Credit. The Company was to repay the Overadvance of $3.83 million by February 28, 2019 or otherwise properly balance the Borrowing Base Availability. On March 11, 2019, KeyBank extended the time which the Company is to repay the Overadvance to March 31, 2019 or otherwise properly balance the Borrowing Base Availability. On March 19, 2019, the Company made a $850 thousand principal payment. On April 25, 2019, the Company entered into a First Amendment to the Amended and Restated Credit Agreement (the "First Amendment"). In conjunction with the First Amendment, the Company made a $1.00 million principal payment on the KeyBank Line of Credit and began making monthly principal payments of $250 thousand on May 1, 2019. The First Amendment, among other provisions, waived the Overadvance (as defined in the Amended and Restated Credit Agreement) and replaced the Borrowing Base Availability (as defined in the Amended and Restated Credit Agreement) with an interest coverage ratio. Additionally, the KeyBank Line of Credit shall be reduced to $27.00 million by July 31, 2019, $7.50 million by September 30, 2019 and the interest rate increases to Libor plus 350 basis points on August 31, 2019 if the outstanding balance is not below $11.00 million . On June 28, 2019, the Company refinanced the Village of Martinsville collateralized portion of the Amended and Restated Credit Agreement resulting in a paydown of $15.46 million . On August 1, 2019, the Company refinanced the Laburnum Square collateralized portion of the Amended and Restated Credit Agreement resulting in a paydown of $7.55 million on the KeyBank Line of Credit. As of September 30, 2019, $25.99 million is borrowed on the KeyBank Line of Credit pursuant to the Amended and Restated Credit Agreement, which is collateralized by 8 properties. At September 30, 2019, the outstanding borrowings are accruing interest at 5.54% . The Amended and Restated Credit Agreement contains certain financial covenants that the Company must meet, including minimum leverage, fixed charge coverage, interest coverage and debt service coverage ratios as well as a minimum tangible net worth requirement. The Company was in compliance with the financial covenants as of September 30, 2019. The Amended and Restated Credit Agreement also contains certain events of default, and if they occur, may cause KeyBank to terminate the Amended and Restated Credit Agreement and declare amounts owed to become immediately due and payable. As of September 30, 2019, the Company has not received any notice of default under the Amended and Restated Credit Agreement. Revere Term Loan On January 29, 2019, the Company entered into a Sixth Amendment to Loan Documents to the Revere Term Loan (the “Revere Sixth Amendment”). The Revere Sixth Amendment extended the maturity date to April 1, 2019 from February 1, 2019 and created an additional “Exit Fee” of $20 thousand . As of March 31, 2019, the Revere Term Loan was paid in full using proceeds from the following: • $323 thousand with proceeds from the sale of Jenks Plaza on January 11, 2019; • $30 thousand in conjunction with the sale of a Harbor Pointe parcel on February 7, 2019; • $300 thousand in monthly scheduled principal payments; and, • $406 thousand , the remaining principal balance and the $20 thousand Exit Fee on March 29, 2019 from operating cash flows. First National Bank Line of Credit On January 11, 2019, the Company paid $1.51 million on the First National Bank Line of Credit, the portion collateralized by Jenks Plaza, as detailed in Note 3. Perimeter Square Refinance and Construction Loan On January 15, 2019, the Company renewed the promissory notes for $6.25 million and $247 thousand at Perimeter Square. The loans were extended to March 2019 with interest only payments beginning February 15, 2019. The loans bear interest at 6.50% . In April 2019, the Company extended the $6.50 million of Perimeter Square loans to June 5, 2019. On July 12, 2019, the principal balance on the Perimeter Square loans were paid in full with the sale of the property, as detailed in Note 3. Harbor Pointe On February 7, 2019, the principal balance on the Harbor Pointe loan was paid in full with the sale of a 1.28 acre parcel located at the property, as detailed in Note 3. Graystone Crossing On March 18, 2019, the principal balance on the Graystone Crossing loan was paid in full with the sale of the property, as detailed in Note 3. Senior Convertible Notes On June 10, 2019, through scheduled principal and interest payments the senior convertible notes were paid in full. Village of Martinsville Refinance On June 28, 2019, the Company executed a promissory note for $16.50 million for the refinancing of Village of Martinsville at a rate of 4.28% . The loan matures on July 6, 2029 with monthly principal and interest payments of $89,664 . Laburnum Square Refinance On August 1, 2019, the Company executed a promissory note for $7.67 million for the refinancing of Laburnum Square at a rate of 4.28% . The loan is interest only through August 2024 with principal and interest payments of $37,842 beginning in September 2024. The loan matures on September 5, 2029. Loan Covenants Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of September 30, 2019, the Company believes it is in compliance with covenants and is not considered in default on any loans. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of September 30, 2019 , including assets held for sale, are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2019 $ 48,899 December 31, 2020 22,506 December 31, 2021 10,944 December 31, 2022 8,482 December 31, 2023 85,326 December 31, 2024 44,020 Thereafter 128,908 Total principal repayments and debt maturities $ 349,085 The Company has considered its short-term (one year or less) liquidity needs and the adequacy of its estimated cash flows from operating activities and other expected financing sources to meet these needs. In particular, the Company has considered its scheduled debt maturities for the twelve months ending September 30, 2020 of $64.39 million , including $25.99 million on the KeyBank Line of Credit which is collateralized by eight properties within the portfolio. The Company plans to pay this obligation through a combination of refinancings, dispositions and operating cash. Subsequent to September 30, 2019 there was a $7.16 million paydown to the KeyBank Line of Credit in addition to a non-binding modification extending the maturity to June 30, 2020, as discussed in greater detail in Note 12. All loans due to mature are collateralized by properties within the portfolio. Additionally, the Company expects to meet the short-term liquidity requirements, through a combination of the following: • suspension of Series A Preferred, Series B Preferred and Series D Preferred dividends; • available cash and cash equivalents; • cash flows from operating activities; • refinancing of maturing debt; • possible sale of six undeveloped land parcels; and • sale of additional properties, if necessary. Management is currently working with lenders to refinance certain properties off of the KeyBank Line of Credit in an effort to reduce the balance prior to maturity. The loans are expected to have customary interest rates similar to current loans. They are subject to formal lender commitment, definitive documentation and customary conditions.

Rentals under Operating Leases

Rentals under Operating Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Rentals under Operating Leases	Rentals under Operating Leases Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale properties, for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of September 30, 2019 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2019 $ 11,817 December 31, 2020 43,201 December 31, 2021 35,531 December 31, 2022 28,790 December 31, 2023 22,962 December 31, 2024 16,539 Thereafter 41,662 Total minimum rents $ 200,502

Equity and Mezzanine Equity

Equity and Mezzanine Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Series A Preferred Stock At September 30, 2019 and December 31, 2018, the Company had 562 shares of Series A Preferred Stock, without par value (“Series A Preferred”) issued and outstanding and 4,500 shares authorized with a $1,000 liquidation preference per share, or $562 thousand in aggregate. The Series A Preferred accrues cumulative dividends at a rate of 9% per annum, which is paid or accumulated quarterly. The Company has the right to redeem the 562 shares of Series A Preferred, on a pro rata basis, at any time at a price equal to 103% of the purchase price for the Series A Preferred plus any accrued but unpaid dividends. Series B Preferred Stock At September 30, 2019 and December 31, 2018, the Company had 1,875,748 shares and 5,000,000 shares of Series B Convertible Preferred Stock, without par value (“Series B Preferred”) issued and authorized with a $25.00 liquidation preference per share, or $46.90 million in aggregate. The Series B Preferred bears interest at a rate of 9% per annum. The Series B Preferred has no redemption rights. However, the Series B Preferred is subject to a mandatory conversion once the 20 -trading day volume-weighted average closing price of our Common Stock, exceeds $58 per share; once this weighted average closing price is met, each share of our Series B Preferred will automatically convert into shares of our Common Stock at a conversion price equal to $40.00 per share of Common Stock. In addition, holders of our Series B Preferred also have the option, at any time, to convert shares of our Series B Preferred into shares of our Common Stock at a conversion price of $40.00 per share of Common Stock. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, the holders of shares of our Series B Preferred shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share, plus an amount equal to all accumulated, accrued and unpaid dividends to and including the date of payment. The Series B Preferred has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. In conjunction with the 2014 issuance of Series B Preferred, 1,986,600 warrants were issued. Each warrant permitted investors to purchase 0.125 share of Common Stock at an exercise price of $44 per share of Common Stock, subject to adjustment. On April 29, 2019, the 1,986,600 warrants exchangeable into 248,325 shares of Common Stock expired. The warrants were registered on the Nasdaq Stock Market under the trading symbol "WHLRW" (CUSIP No.: 963025119). Series D Preferred Stock - Redeemable Preferred Stock At September 30, 2019 and December 31, 2018, the Company had 3,600,636 issued and 4,000,000 authorized shares of Series D Cumulative Convertible Preferred Stock, without par value ("Series D Preferred") with a $25.00 liquidation preference per share, or $99.24 million and $91.98 million in aggregate, respectively. Until September 21, 2023, the holders of the Series D Preferred are entitled to receive cumulative cash dividends at a rate of 8.75% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual amount of $2.1875 per share) (the “Initial Rate”). Commencing September 21, 2023, the holders will be entitled to cumulative cash dividends at an annual dividend rate of the Initial Rate increased by 2% of the liquidation preference per annum on each subsequent anniversary thereafter, subject to a maximum annual dividend rate of 14% . Dividends are payable quarterly in arrears on or before January 15th, April 15th, July 15th and October 15th of each year. On or after September 21, 2021, the Company may, at its option, redeem the Series D Preferred, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The holder of the Series D Preferred may convert shares at any time into shares of the Company’s Common Stock at an initial conversion rate of $16.96 per share of Common Stock. On September 21, 2023, the holders of the Series D Preferred may, at their option, elect to cause the Company to redeem any or all of their shares at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date, payable in cash or in shares of Common Stock, or any combination thereof, at the holder’s option. Dividends on the Series D Preferred cumulate from the end of the most recent dividend period for which dividends have been paid. Dividends on the Series D Preferred cumulate whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board of Directors or declared by us. Dividends on the Series D Preferred Stock do not bear interest. If the Company, fails to pay any dividend within three ( 3 ) business days after the payment date for such dividend, the then-current dividend rate increases following the payment date by an additional 2.0% of the $25.00 stated liquidation preference per share, or $0.50 per annum, until we pay the dividend, subject to our ability to cure the failure. On December 20, 2018, the Company suspended the Series D Preferred dividend. As such, the Series D Preferred shares began accumulating dividends at 10.75% beginning January 1, 2019 and will continue to accumulate dividends at this rate until all accumulated dividends have been paid. Holders of shares of the Series D Preferred have no voting rights. However, if dividends on the Series D Preferred are in arrears for six or more consecutive quarterly periods, the number of directors on our Board of Directors will automatically be increased by two , and holders of shares of the Series D Preferred and the holders of shares of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable (voting together as a single class) will be entitled to vote, at a special meeting called upon the written request of the holders of at least 20% of such stock or at our next annual meeting and at each subsequent annual meeting of stockholders, for the election of two additional directors to serve on our Board of Directors, until all unpaid dividends on such Series D Preferred and Parity Preferred Stock, if any, have been paid or declared and a sum sufficient for the payment thereof set apart for payment. The Series D Preferred Directors will be elected by a plurality of the votes cast in the election. For the avoidance of doubt, the Board of Directors shall not be permitted to fill the vacancies on the Board of Directors as a result of the failure of the holders of 20% of the Series D Preferred Stock and Parity Preferred Stock to deliver such written request for the election of the Series D Preferred Directors. The changes in the carrying value of the Series D Preferred for the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands, unaudited): Series D Preferred Balance December 31, 2018 $ 76,955 Accretion of Preferred Stock discount 148 Undeclared dividends 2,419 Balance March 31, 2019 79,522 Accretion of Preferred Stock discount 149 Undeclared dividends 2,419 Balance June 30, 2019 82,090 Accretion of Preferred Stock discount 148 Undeclared dividends 2,419 Balance September 30, 2019 $ 84,657 Series D Preferred Balance December 31, 2017 $ 53,236 Accretion of Preferred Stock discount 148 Issuance of Preferred Stock for acquisition of JANAF 21,158 Balance March 31, 2018 74,542 Accretion of Preferred Stock discount 148 Balance June 30, 2018 74,690 Accretion of Preferred Stock discount 148 Balance September 30, 2018 $ 74,838 Earnings per share Basic earnings per share for the Company’s common shareholders is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net income (loss) attributable to noncontrolling interests, by the Company’s weighted-average shares of Common Stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) attributable to common shareholders, excluding amounts attributable to preferred shareholders and the net income (loss) attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares. As of September 30, 2019 , the below shares are able to be converted to Common Stock. The common units, convertible preferred stock and cumulative convertible preferred stock have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. September 30, 2019 Outstanding shares Potential Dilutive Shares (unaudited) Common units 235,032 235,032 Series B Preferred Stock 1,875,748 1,172,343 Series D Preferred Stock 3,600,636 5,307,541 Dividends The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts): Series A Preferred Series B Preferred Series D Preferred Record Date/Arrears Date Declared Arrears Per Share Declared Arrears Per Share Declared Arrears Per Share 12/31/18 $ — $ 13 $ 22.50 $ — $ 1,055 $ 0.56 $ — $ 1,969 $ 0.55 3/31/19 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 6/30/19 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 9/30/19 — 13 $ 22.50 — 1,056 $ 0.56 — 2,419 $ 0.67 For the nine months ended September 30, 2019 $ — $ 39 $ — $ 3,166 $ — $ 7,257 3/31/18 $ 13 $ — $ 22.50 $ 1,055 $ — $ 0.56 $ 1,969 $ — $ 0.55 6/30/18 13 — $ 22.50 1,055 — $ 0.56 1,969 — $ 0.55 9/30/18 13 — $ 22.50 1,056 — $ 0.56 1,969 — $ 0.55 For the nine months ended September 30, 2018 $ 39 $ — $ 3,166 $ — $ 5,907 $ — 2015 Long-Term Incentive Plan On June 4, 2015, the Company's shareholders approved the 2015 Long-Term Incentive Plan (the "2015 Incentive Plan"). The 2015 Incentive Plan allows for issuance of up to 125,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. The 2015 Incentive Plan replaced the 2012 Stock Incentive Plan. As of September 30, 2019, there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan. There were no shares issued during the three and nine months ended September 30, 2019 and 2018. 2016 Long-Term Incentive Plan On June 15, 2016, the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. For the Nine Months ended September 30, Shares Issued Market Value (in thousands except for per share amounts, unaudited) 2019 181,807 $ 166 2018 168,217 894 As of September 30, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.

Lease Commitments Lease Commitm

Lease Commitments Lease Commitments	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease Commitments	Leases Commitments The Company has ground leases that are accounted for as operating leases. The Charleston, SC lease ended August 31, 2019 and was accounted for as an operating lease. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of September 30, 2019, the weighted average remaining lease term of our leases is 35 years. The following properties are subject to leases which require the Company to make fixed annual rental payments and variable lease payments, which are immaterial and include escalation clauses and renewal options as follows (unaudited, in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expiration Year Amscot $ 7 $ 5 $ 19 $ 14 2045 Beaver Ruin Village 14 11 41 34 2054 Beaver Ruin Village II 6 5 17 15 2056 Leased office space Charleston, SC 17 25 67 75 2019 Moncks Corner 30 30 91 91 2040 Devine Street 99 63 297 188 2051 (1) JANAF (2) 65 65 200 191 2069 Total ground leases $ 238 $ 204 $ 732 $ 608 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $29 thousand and $90 thousand in variable percentage rent, during the three and nine months ended September 30, 2019, respectively. Includes $29 thousand and $82 thousand in variable percentage rent, during the three and nine months ended September 30, 2018, respectively. Supplemental information related to leases is as follows (in thousands, unaudited): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 161 $ 500 Leased assets obtained in exchange for new operating lease liabilities $ — $ 11,904 Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of September 30, 2019 and a reconciliation of those cash flows to the operating lease liabilities at September 30, 2019 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2019 $ 144 December 31, 2020 583 December 31, 2021 637 December 31, 2022 640 December 31, 2023 642 December 31, 2024 644 Thereafter 23,109 Total minimum lease payments (1) 26,399 Discount (14,478 ) Operating lease liabilities $ 11,921 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under a blanket insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors’, officers’, entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover its losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in the Northeast, Mid-Atlantic and Southeast, which markets represented approximately 4% , 36% and 60% respectively, of the total annualized base rent of the properties in its portfolio as of September 30, 2019 . The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Regulatory and Environmental As the owner of the buildings on our properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation The Company is involved in various legal proceedings arising in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated. In addition, the below legal proceedings are in process. Stilwell Activist Investments LP v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for Baltimore County, Maryland. This is an action brought by one of the largest investors in the Company seeking the production of documents and information beyond what the Company provides in its public filings and what it has already provided to Stilwell after a written request. The Company filed a motion to dismiss Stilwell's suit for failure to state a claim. At a hearing on that motion on October 31, 2019, the Court denied motion to dismiss, so the case will proceed, for now. Stilwell does no t seek any monetary damages in this action. JCP Investment Partnership LP, et al v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for Baltimore County, Maryland. This is an action brought by a large minority shareholder of the Company alleging that in 2018, the Company breached an asset coverage ratio covenant, so as to require the Company to buy back shares of its Series D Preferred. The Company is defending this suit on the grounds it validly amended the Articles Supplementary through the Certificate of Correction filed with the Maryland Department of Taxation on or about May 3, 2018, curing any alleged breach of the covenant. Plaintiffs are no t seeking any specific damage amount; rather, their prayer for relief asks the Court to order that the Company must redeem the Series D Preferred in accordance with the terms of the original Articles Supplementary, not commit any further alleged violations of the Articles Supplementary, and award them their costs, expenses and attorneys' fees. In the event a redemption is required, the redemption provisions of the Articles Supplementary permit the Company to redeem those Series D Preferred that it chooses to redeem (not necessarily JCP's Preferred Shares). Accordingly, it is difficult to assess the Company's anticipated exposure in this case at this time. The case is presently in discovery and is scheduled for trial on March 2, 2020. However, the parties conducted a settlement conference in July, 2019, and have continued their efforts to resolve the case short of trial. Jon Wheeler v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for the City of Virginia Beach, Virginia. Former CEO, Jon Wheeler, alleges that he was improperly terminated and is owed severance and bonus payments pursuant to his Employment Agreement. Altogether, his alleged damages total approximately $1.00 million . The Company is defending the action on the grounds that Jon Wheeler was properly terminated for cause, including for his failure to properly apprise the Board of Directors of critical information, and placing his own personal interests above the Company's, including contracting counsel about filing suit on his behalf against the Company and the Board of Directors while he was still CEO and President of the Board. The Company has filed a Counterclaim against Wheeler for approximately $150 thousand for reimbursement of personal expenses the Company paid, but that Wheeler should have borne. Trial of this action is scheduled for December 17, 2019. At this juncture, the outcome of the matter cannot be predicted. BOKF, NA v. WD-1 Associates, LLC, et al, Court of Common Pleas for Beaufort County, South Carolina. This is a lawsuit filed by BOKF ("Bank of Arkansas") the lead lender for Sea Turtle project in Hilton Head, South Carolina against WD-1 Associates, LLC and Jon Wheeler for default on BOKF's two construction loans. BOKF seeks appointment of a Receiver to take over the financial management of the project that WD-1 was allegedly (mis)handling. The lawsuit pending in Beaufort County is presently stayed as to WD-1, pursuant to the Chapter 11 Bankruptcy proceeding it filed in Charleston, South Carolina. In the lawsuit pending in Beaufort County, BOKF has moved for a default judgment against Jon Wheeler, who personally guaranteed the two BOKF loans. The Company's subsidiary, Wheeler Real Estate, LLC is named in the lawsuit pending in Beaufort County solely in its position as the former property manager for WD-1 Associates, to obtain financial information. No damages are sought from Wheeler Real Estate, LLC in the Beaufort County action. The Company's subsidiaries are creditors in the Chapter 11 Bankruptcy. WD-1 is seeking a sale of the project real estate through the bankruptcy proceedings. At this juncture, the outcome of the matter cannot be predicted. Jon Wheeler v. Wheeler Real Estate Investment Trust, Inc. and David Kelly, Individually, Circuit Court for the City of Virginia Beach, Virginia. In September, 2018, former Chief Executive Officer and President Jon S. Wheeler filed claims for defamation and tortious interference with contract expectancy, prospective business relationships and economic advantage in the Circuit Court for the City of Virginia Beach, Virginia, asserting current Chief Executive Officer and President, David Kelly, defamed him in communications with an industry association. In February, 2019, Jon Wheeler’s counsel amended the suit to add the Company as a Defendant, but dropped all but the defamation claims. Mr. Kelly and the Company are defending the lawsuit. Trial is set for June 10, 2020. At this juncture, the outcome of the matter cannot be predicted. Harbor Pointe Tax Increment Financing On September 1, 2011, the Grove Economic Development Authority issued the Grove Economic Development Authority Tax Increment Revenue Note, Taxable Series 2011 in the amount of $2,415,000 , bearing a variable interest rate of 2.29% , not to exceed 14% and payable in 50 semi-annual installments. The proceeds of the bonds were to provide funding for the construction of public infrastructure and other site improvements and to be repaid by incremental additional property taxes generated by development. Harbor Pointe Associates, LLC, then owned by an affiliate of Jon Wheeler, entered into an Economic Development Agreement with the Grove Economic Development Authority for this infrastructure development and in the event the ad valorem taxes were insufficient to cover annual debt service, Harbor Pointe Associates, LLC would reimburse the Grove Economic Development Authority (the “Harbor Pointe Agreement”). In 2014, Harbor Pointe Associates, LLC was acquired by the Company. The total debt service shortfall over the life of the bond is uncertain as it is based on ad valorem taxes, assessed property values, property tax rates, LIBOR and future potential development ranging until 2036. The Company’s future total principal obligation under the Harbor Pointe Agreement will be no more than $2.26 million , the principal amount of the bonds, as of September 30, 2019. In addition, the Company may have an interest obligation on the note based on the principal balance and LIBOR rates in effect at future payment dates. During the three and nine months ended September 30, 2019, the Company funded $0 thousand and $44 thousand , respectively, in debt service shortfalls. During the three and nine months ended September 30, 2018, the Company funded $0 thousand and $5 thousand , respectively, in debt service shortfalls. No amounts have been accrued for this as of September 30, 2019 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following summarizes related party activity for the nine months ended September 30, 2019 and 2018 and as of September 30, 2019 and December 31, 2018. The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). Nine Months Ended September 30, 2019 2018 (unaudited) Amounts paid to affiliates $ — $ 15 Amounts received from affiliates $ 16 $ 113 September 30, December 31, 2019 2018 (unaudited) Notes receivable $ — $ 5,000 As discussed in Note 4, the Company loaned $11.00 million for the partial funding of Sea Turtle and loaned $1.00 million for the sale of land to be used in the development. As of September 30, 2019, the Company in total has recognized $12.00 million in impairment charges on the notes receivable reducing the carrying value to zero , as discussed in greater detail in Note 4. During the three and nine months ended September 30, 2019, the Company recognized $0.00 million and $5.00 million , respectively, in impairment charges on the notes receivable. The Company has placed the notes receivable on nonaccrual status and during the three and nine months ended September 30, 2019 and 2018 has not recognized $363 thousand and $1.08 million , respectively, of interest income due on the notes. At September 30, 2019, a total of $3.86 million in interest on the notes receivable remains unpaid. In February 2018, the Company's agreement to perform development, leasing, property and asset management services for Sea Turtle was terminated. Sea Turtle is a related party as Jon Wheeler, the Company's former CEO and shareholder of the Company, is the managing member. Prior to the termination of the agreements, development fees of 5% of hard costs incurred were due to the Company. Leasing, property and asset management fees were consistent with those charged for services provided to non-related properties. The Company recovered $22 thousand due from related parties for the three and nine months ended September 30, 2019, respectively, which were previously reserved. The Company recovered $0 thousand and $77 thousand in amounts due from related parties for the three and nine months ended September 30, 2018, respectively, which were previously reserved. These recoveries are included in the respective revenue category which they relate. The total allowance on related party receivables at September 30, 2019 and December 31, 2018 is $2.15 million and $2.20 million , respectively. There were no additional reserves recorded for the three and nine months ended September 30, 2019 and the year ended December 31, 2018.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Litchfield Market Village Refinance On November 1, 2019, the Company refinanced the Litchfield Market Village collateralized portion of the Amended and Restated Credit Agreement resulting in a paydown of $7.16 million on the KeyBank Line of Credit. On November 1, 2019 the Company executed a promissory note for $7.50 million for the refinancing of Litchfield Market Village at a fixed interest rate of 5.50% . KeyBank Line of Credit On November 5, 2019, the Company and KeyBank entered into a non-binding term sheet (the “Term Sheet”) to amend the Amended and Restated Credit Agreement with KeyBank. Pursuant to the Term Sheet, the Company began making monthly principal payments of $350 thousand on November 1, 2019. The Term Sheet, among other provisions, requires a pledge of additional collateral of $15.00 million in residual equity interests. Additionally, the KeyBank Line of Credit shall be reduced to $12.00 million by December 31, 2019, $10.00 million by January 31, 2020, $2.00 million by April 30, 2020 and fully matures on June 30, 2020. The Term Sheet is not a binding commitment from KeyBank and will be superseded by a formal contract amendment, subject to customary closing conditions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Investment Properties	Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company capitalizes interest on projects during periods of construction until the projects reach the completion point that corresponds with their intended purpose. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated undiscounted operating income before depreciation and amortization includes various level 3 fair value assumptions including renewal and renegotiations of current leases, estimates of new leases on vacant spaces, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below correct estimates, then impairment adjustments may be necessary in the future. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects for vacant spaces and local market information. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Assets Held for Sale and Discontinued Operations	Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell an impairment charge is recognized. The Company estimates fair value, less estimated closing costs based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company recorded impairment charges of $400 thousand and $1.55 million for the three and nine months ended September 30, 2019, respectively, which resulted from reducing the carrying values of Perimeter Square and St. Matthews for the amounts that exceeded the properties' fair value less estimated selling costs, see Note 3. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250 thousand . The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk.
Tenant Receivables and Unbilled Rent	Tenant Receivables and Unbilled Rent Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease.
Notes Receivable	Notes Receivable Notes receivable represent financing to Sea Turtle Development as discussed in Note 4 for development of the project. The notes are secured by a 2nd deed of trust on the underlying real estate known as Sea Turtle Development. The Company evaluates the collectability of both the interest and principal of the notes receivable based primarily upon the projected fair market value of the project at stabilization. The notes receivable are determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value.
Above and Below Market Lease Intangibles, Net	Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues.
Deferred Costs and Other Assets, net	Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs, tenant relationship and ground lease sandwich interest intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships and ground lease sandwich interest represents a component of depreciation and amortization expense.
Lease Contract Revenue	Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three and nine months ended September 30, 2019 and 2018. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which is included in "other revenues" on the condensed consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets.
Asset Management Fees	Asset Management Fees Asset management fees are generated from Non-REIT Properties. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively, for services performed. Revenues are governed by the management fee agreements for the various properties. Obligations under the agreements include and are not limited to: managing of maintenance, janitorial, security, landscaping, vendors and back office (collecting rents, paying bills), etc. Each of the obligations are bundled together to be one service and are satisfied over time. Non-REIT Properties are billed monthly and typically pay monthly for these services.
Commissions	Commissions Commissions are generated from Non-REIT Properties. The Non-REIT Properties pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Revenues are governed by the leasing commission agreements for the various properties. Obligations under the agreements include and are not limited to: monitoring upcoming vacancies, new tenant identification, proposal preparation, lease negotiation and document preparation. Each of the obligations are bundled together to be one service as the overall objective of these services is to maintain the overall occupancy of the property. Revenue is recognized and billed upon lease execution.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. The TRS' have accrued $30 thousand and $13 thousand , respectively, for federal and state income taxes as of September 30, 2019 and December 31, 2018. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status, it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to a reasonable cause and certain other conditions were satisfied.
Taxable REIT Subsidiary Cost Allocation	Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that the Trust exists to acquire, lease and manage properties for the benefit of its investors. Accordingly, a majority of the Company’s operations occur at the property level. Each property must carry its own weight by absorbing the costs associated with generating its revenues. Additionally, leases generally allow the Company to pass through to the tenant most of the costs involved in operating the property, including, but not limited to, the direct costs associated with owning and maintaining the property (landscaping, repairs and maintenance, taxes, insurance, etc.), property management and certain administrative costs. Service vendors bill the majority of the direct costs of operating the properties directly to the REIT Properties and Non-REIT Properties and each property pays them accordingly. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively. The Non-REIT Properties also pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Costs incurred to manage, lease and administer the Non-REIT Properties are allocated to the TRS. These costs include compensation and benefits, property management, leasing and other corporate, general and administrative expenses associated with generating the TRS' revenues.
Financial Instruments	Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity.
Use of Estimates	Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates.
Advertising Costs for Leasing Activities	Advertising Costs For Leasing Activities The Company expenses advertising and promotion costs as incurred.
Lease Commitments	Leases Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases.
Noncontrolling interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statements of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s common stock $0.01 par value per share (“Common Stock”). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
Recent Accounting Pronouncements	Adoption of ASC Topic 842, “Leases” In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)”, to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. The Company adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective approach within ASU 2018-11, which allows for the application date to be the beginning of the reporting period in which the entity first applies the new standard. The Company did not have a cumulative-effect adjustment as of the adoption date. In addition, the Company implemented internal controls to enable the preparation of financial information upon adoption. The Company elected the package of transition practical expedients where the company is either the lessee or lessor, which among other things, allowed the Company to carry forward the historical lease classifications and use hindsight in determining the lease terms. The standard had a material impact on the Company's condensed consolidated balance sheets, but did not have a material impact on the condensed consolidated statements of operations. The most significant impact was the recognition of ROU assets and lease liabilities of approximately $11.90 million and $11.99 million , respectively, for operating leases as of January 1, 2019, calculated based on an incremental borrowing rate of 4.84% . The difference between the ROU assets and lease liabilities at adoption represents the accrued straight-line rent liability previously recognized under ASC 840. The standard had no impact on the Company's cash flows. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. In addition, in November 2018 the FASB issued ASU 2018-19, which clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)". This update modifies the disclosure requirements on fair value measurements in Topic 820 with several removals and additions for disclosures. The guidance will add disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company anticipates that there will be no material impact on its consolidated financial statements upon adoption of the guidance. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.
Reclassifications	Reclassifications The Company has reclassified certain prior period amounts in the accompanying condensed consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. Tenant reimbursements and provision for credit losses were reclassified to rental revenues on the condensed consolidated statements of operations to conform to 2019 presentation as a result of adopting ASU 2016-02, “Leases (Topic 842).” There are two reclassifications within the condensed consolidated statement of cash flows, one pertains to the straight-line expense operating activity adjustment on those leases which the Company is a lessee and the other is the presentation of credit losses on operating lease receivables. These reclassifications did not impact cash provided by (used in) operating, investing, or financing activities. As of September 30, 2019, it was determined that the six undeveloped Land Parcels (the “Land Parcels”) previously classified as assets held for sale at December 31, 2018 no longer meet the definition of assets held for sale. Management’s intention to sell the parcels has not changed; however, they are in secondary and tertiary markets with minimal land sales and it is not probable they will sell in the next twelve months. Accordingly, the assets and liabilities of the Land Parcels were reclassified to “land and land improvements” within investment properties for all periods presented, see Note 3.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of disaggregation of Company's revenue	The below table disaggregates the Company’s revenue by type of service for the three and nine months ended September 30, 2019 and 2018 (in thousands, unaudited): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Minimum rent $ 12,169 $ 12,704 $ 36,604 $ 38,187 Tenant reimbursements - variable lease revenue 3,262 3,150 9,999 9,337 Percentage rent - variable lease revenue 69 51 258 176 Lease termination fees — (15 ) 49 1,269 Commissions 18 52 65 102 Asset management fees 16 48 42 220 Other 146 232 390 428 Subtotal 15,680 16,222 47,407 49,719 Credit losses on operating lease receivables (115 ) (149 ) (315 ) (412 ) Total $ 15,565 $ 16,073 $ 47,092 $ 49,307
Schedule of corporate general and administrative expenses	A detail for the "corporate general & administrative" ("CG&A") line item from the condensed consolidated statements of operations is presented below (in thousands, unaudited): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Compensation and benefits $ 455 $ 554 $ 1,562 $ 2,001 Professional fees 444 638 1,371 2,309 Corporate administration 326 299 934 968 Capital related costs 4 110 140 408 Taxes and licenses 40 23 172 227 Other 80 168 364 717 1,349 1,792 4,543 6,630 Less: Allocation of CG&A to Non-REIT management and leasing services — (89 ) — (151 ) Total $ 1,349 $ 1,703 $ 4,543 $ 6,479

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of investment properties	Investment properties consist of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Land and land improvements $ 100,135 $ 101,696 Buildings and improvements 365,686 374,499 Investment properties at cost 465,821 476,195 Less accumulated depreciation (47,483 ) (40,189 ) Investment properties, net $ 418,338 $ 436,006
Schedule of dispositions	As of September 30, 2019 and December 31, 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Investment properties, net $ 1,702 $ 4,912 Rents and other tenant receivables, net 52 72 Above market leases, net — 420 Deferred costs and other assets, net 2 228 Total assets held for sale, excluding discontinued operations $ 1,756 $ 5,632 September 30, 2019 December 31, 2018 (unaudited) Loans payable $ 1,974 $ 3,818 Accounts payable 86 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 2,060 $ 4,058 As of September 30, 2019 and December 31, 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Investment properties, net $ — $ 486 Total assets held for sale, discontinued operations $ — $ 486 September 30, 2019 December 31, 2018 (unaudited) Loans payable $ — $ 460 Accounts payable — 2 Total liabilities associated with assets held for sale, discontinued operations $ — $ 462 The following properties were sold during the nine months ended September 30, 2019 and 2018: Disposal Date Property Contract Price Gain (loss) Net Proceeds (in thousands, unaudited) July 12, 2019 Perimeter Square $ 7,200 $ (81 ) $ — March 18, 2019 Graystone Crossing 6,000 1,452 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 June 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,042 1,160

Deferred Costs (Tables)

Deferred Costs (Tables)	9 Months Ended
	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of details of deferred costs, net of amortization and other assets	Deferred costs, net of amortization and other assets are as follows (in thousands): September 30, 2019 December 31, 2018 (unaudited) Leases in place, net $ 16,530 $ 21,785 Tenant relationships, net 2,481 3,764 Ground lease sandwich interest, net 2,283 2,488 Lease origination costs, net 1,166 1,261 Legal and marketing costs, net 48 59 Other 749 716 Total deferred costs and other assets, net $ 23,257 $ 30,073
Schedule of future amortization of lease origination costs, financing costs and in place leases	Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands, unaudited): Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining three months ending December 31, 2019 $ 1,358 $ 308 $ 68 $ 54 $ 3 $ 1,791 For the years ending: December 31, 2020 4,506 860 274 187 11 5,838 December 31, 2021 2,810 448 274 174 9 3,715 December 31, 2022 2,142 354 274 132 6 2,908 December 31, 2023 1,661 227 274 115 6 2,283 December 31, 2024 1,147 128 274 100 3 1,652 Thereafter 2,906 156 845 404 10 4,321 $ 16,530 $ 2,481 $ 2,283 $ 1,166 $ 48 $ 22,508

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of loans payable	The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Rate Maturity September 30, 2019 December 31, 2018 Harbor Pointe (1) $ 11,024 5.85 % December 2018 $ — $ 460 Perimeter Square (1) Interest only 6.50 % June 2019 — 6,250 Perimeter Square construction loan (1) Interest only 6.50 % June 2019 — 247 Revere Term Loan $ 109,658 10.00 % April 2019 — 1,059 Senior convertible notes $ 234,199 9.00 % June 2019 — 1,369 DF I-Moyock $ 10,665 5.00 % July 2019 — 73 Rivergate $ 144,937 Libor + 295 basis points December 2019 21,688 22,117 KeyBank Line of Credit (6) $ 250,000 Libor + 350 basis points Various (6) 25,991 52,102 Folly Road $ 32,827 4.00 % March 2020 5,961 6,073 Columbia Fire Station $ 25,452 4.00 % May 2020 4,086 4,189 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,394 5,539 First National Bank Line of Credit $ 24,656 Libor + 300 basis points September 2020 1,271 2,938 Lumber River $ 10,723 Libor + 350 basis points October 2020 1,416 1,448 JANAF Bravo $ 36,935 4.65 % January 2021 6,407 6,500 Walnut Hill Plaza $ 26,850 5.50 % September 2022 3,787 3,868 Twin City Commons $ 17,827 4.86 % January 2023 3,000 3,048 New Market $ 48,747 5.65 % June 2023 6,763 6,907 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,414 7,567 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,660 5,713 JANAF $ 333,159 4.49 % July 2023 51,021 52,253 Tampa Festival $ 50,797 5.56 % September 2023 8,116 8,227 Forrest Gallery $ 50,973 5.40 % September 2023 8,419 8,529 Riversedge North $ 11,436 5.77 % December 2023 1,775 1,800 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,725 11,867 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,297 6,379 Port Crossing $ 34,788 4.84 % August 2024 6,063 6,150 Freeway Junction $ 41,798 4.60 % September 2024 7,761 7,863 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,434 3,486 Graystone Crossing (1) $ 20,386 4.55 % October 2024 — 3,863 Bryan Station $ 23,489 4.52 % November 2024 4,414 4,472 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre Interest only 4.15 % February 2025 8,113 8,113 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Butler Square Interest only 3.90 % May 2025 5,640 5,640 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio (4) Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza Interest only 4.82 % December 2025 4,620 4,620 JANAF BJ's $ 29,964 4.95 % January 2026 4,985 5,065 Chesapeake Square $ 23,857 4.70 % August 2026 4,373 4,434 Berkley/Sangaree/Tri-County Interest only 4.78 % December 2026 9,400 9,400 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village Interest only 4.93 % January 2027 8,516 8,516 Village of Martinsville $ 89,664 4.28 % July 2029 16,442 — Laburnum Square Interest only 4.28 % September 2029 7,665 — Total Principal Balance (1) 349,085 369,612 Unamortized debt issuance cost (1) (4,300 ) (5,144 ) Total Loans Payable, including assets held for sale 344,785 364,468 Less loans payable on assets held for sale, net loan amortization costs 1,974 4,278 Total Loans Payable, net $ 342,811 $ 360,190 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. (4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square. (6) Collateralized by Darien Shopping Center, Devine Street, Lake Murray, Litchfield Market Village, Moncks Corner, Shoppes at Myrtle Park, South Lake and St. Matthews (assets held for sale). The various maturity dates are disclosed below within Note 6 under the KeyBank Credit Agreement.
Schedule of Company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of September 30, 2019 , including assets held for sale, are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2019 $ 48,899 December 31, 2020 22,506 December 31, 2021 10,944 December 31, 2022 8,482 December 31, 2023 85,326 December 31, 2024 44,020 Thereafter 128,908 Total principal repayments and debt maturities $ 349,085

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of future minimum rentals to be received under noncancelable tenant operating leases	Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale properties, for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of September 30, 2019 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2019 $ 11,817 December 31, 2020 43,201 December 31, 2021 35,531 December 31, 2022 28,790 December 31, 2023 22,962 December 31, 2024 16,539 Thereafter 41,662 Total minimum rents $ 200,502

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of changes in carrying value of Series D Preferred	The changes in the carrying value of the Series D Preferred for the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands, unaudited): Series D Preferred Balance December 31, 2018 $ 76,955 Accretion of Preferred Stock discount 148 Undeclared dividends 2,419 Balance March 31, 2019 79,522 Accretion of Preferred Stock discount 149 Undeclared dividends 2,419 Balance June 30, 2019 82,090 Accretion of Preferred Stock discount 148 Undeclared dividends 2,419 Balance September 30, 2019 $ 84,657 Series D Preferred Balance December 31, 2017 $ 53,236 Accretion of Preferred Stock discount 148 Issuance of Preferred Stock for acquisition of JANAF 21,158 Balance March 31, 2018 74,542 Accretion of Preferred Stock discount 148 Balance June 30, 2018 74,690 Accretion of Preferred Stock discount 148 Balance September 30, 2018 $ 74,838
Schedule of potentially dilutive shares	As of September 30, 2019 , the below shares are able to be converted to Common Stock. The common units, convertible preferred stock and cumulative convertible preferred stock have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. September 30, 2019 Outstanding shares Potential Dilutive Shares (unaudited) Common units 235,032 235,032 Series B Preferred Stock 1,875,748 1,172,343 Series D Preferred Stock 3,600,636 5,307,541
Schedule of summary of preferred stock dividends	The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts): Series A Preferred Series B Preferred Series D Preferred Record Date/Arrears Date Declared Arrears Per Share Declared Arrears Per Share Declared Arrears Per Share 12/31/18 $ — $ 13 $ 22.50 $ — $ 1,055 $ 0.56 $ — $ 1,969 $ 0.55 3/31/19 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 6/30/19 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 9/30/19 — 13 $ 22.50 — 1,056 $ 0.56 — 2,419 $ 0.67 For the nine months ended September 30, 2019 $ — $ 39 $ — $ 3,166 $ — $ 7,257 3/31/18 $ 13 $ — $ 22.50 $ 1,055 $ — $ 0.56 $ 1,969 $ — $ 0.55 6/30/18 13 — $ 22.50 1,055 — $ 0.56 1,969 — $ 0.55 9/30/18 13 — $ 22.50 1,056 — $ 0.56 1,969 — $ 0.55 For the nine months ended September 30, 2018 $ 39 $ — $ 3,166 $ — $ 5,907 $ —
Schedule of shares issued under 2016 Long-Term Incentive Plan	2016 Long-Term Incentive Plan On June 15, 2016, the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. For the Nine Months ended September 30, Shares Issued Market Value (in thousands except for per share amounts, unaudited) 2019 181,807 $ 166 2018 168,217 894 As of September 30, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.

Lease Commitments (Tables)

Lease Commitments (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Ground Lease Payments and Supplemental Information Related to Leases	The following properties are subject to leases which require the Company to make fixed annual rental payments and variable lease payments, which are immaterial and include escalation clauses and renewal options as follows (unaudited, in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expiration Year Amscot $ 7 $ 5 $ 19 $ 14 2045 Beaver Ruin Village 14 11 41 34 2054 Beaver Ruin Village II 6 5 17 15 2056 Leased office space Charleston, SC 17 25 67 75 2019 Moncks Corner 30 30 91 91 2040 Devine Street 99 63 297 188 2051 (1) JANAF (2) 65 65 200 191 2069 Total ground leases $ 238 $ 204 $ 732 $ 608 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $29 thousand and $90 thousand in variable percentage rent, during the three and nine months ended September 30, 2019, respectively. Includes $29 thousand and $82 thousand in variable percentage rent, during the three and nine months ended September 30, 2018, respectively. Supplemental information related to leases is as follows (in thousands, unaudited): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 161 $ 500 Leased assets obtained in exchange for new operating lease liabilities $ — $ 11,904
Schedule of Undiscounted Cash Flows of Scheduled Obligations for Under Operating Leases	Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of September 30, 2019 and a reconciliation of those cash flows to the operating lease liabilities at September 30, 2019 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2019 $ 144 December 31, 2020 583 December 31, 2021 637 December 31, 2022 640 December 31, 2023 642 December 31, 2024 644 Thereafter 23,109 Total minimum lease payments (1) 26,399 Discount (14,478 ) Operating lease liabilities $ 11,921 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Schedule of related party activity	The following summarizes related party activity for the nine months ended September 30, 2019 and 2018 and as of September 30, 2019 and December 31, 2018. The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). Nine Months Ended September 30, 2019 2018 (unaudited) Amounts paid to affiliates $ — $ 15 Amounts received from affiliates $ 16 $ 113 September 30, December 31, 2019 2018 (unaudited) Notes receivable $ — $ 5,000

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	Sep. 30, 2019PropertypropertyBuilding
Accounting Policies [Abstract]
Number of real estate properties | property	61
Number of office buildings | Building	1
Number of undeveloped land parcels | Property	6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)Property$ / shares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Property$ / shares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / shares	Jan. 01, 2019USD ($)
Property, Plant and Equipment [Line Items]
Impairment of assets held for sale	$ 400,000	$ 0	$ 1,547,000	$ 0
Maturity of highly liquid investments			90 days
Insurance coverage amount			$ 250,000
Past due rent charge term			5 days
Allowance for uncollectible accounts	1,070,000		$ 1,070,000		$ 1,070,000
Provision for credit losses	115,000	149,000	315,000	412,000
Tenant recoveries realized from previous charge-offs	0	0	$ 0	0
Property management fee, percent fee			3.00%
Asset management fee, percent fee			2.00%
Minimum percentage of taxable income to be distributed to stockholders (as percent)			90.00%
Provision for federal income taxes			$ 30,000		$ 13,000
Term of disqualification to be taxed as a REIT due to loss of REIT status			5 years
Advertising	$ 35,000	$ 36,000	$ 198,000	$ 194,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01		$ 0.01
ROU assets	$ 11,698,000		$ 11,698,000		$ 0
Number of undeveloped land parcels | Property	6		6
Real Estate			Real Estate Investment properties consist of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Land and land improvements $ 100,135 $ 101,696 Buildings and improvements 365,686 374,499 Investment properties at cost 465,821 476,195 Less accumulated depreciation (47,483 ) (40,189 ) Investment properties, net $ 418,338 $ 436,006 The Company’s depreciation expense on investment properties was $2.92 million and $8.99 million for the three and nine months ended September 30, 2019 , respectively. The Company’s depreciation expense on investment properties was $3.05 million and $9.55 million for the three and nine months ended September 30, 2018, respectively. A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership. Assets Held for Sale At December 31, 2018, assets held for sale included a 1.28 acre undeveloped land parcel at Harbor Pointe ("Harbor Pointe land parcel"), Graystone Crossing and Jenks Plaza. All three were sold during the nine months ended September 30, 2019. Additionally, in 2019 the Board committed to a plan to sell Perimeter Square and St. Matthews. Perimeter Square sold in July 2019. St. Matthews is classified as assets held for sale as of September 30, 2019. The Harbor Pointe land parcel sale represents discontinued operations as it is a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the assets and liabilities associated with the Harbor Pointe land parcel have been reclassified for all periods presented. The impairment charge on assets held for sale was $400 thousand and $1.55 million for the three and nine months ended September 30, 2019, respectively. These impairment charges resulted from reducing the carrying value of St. Matthews during the three months ended September 30, 2019 and Perimeter Square and St. Matthews during the nine months ended September 30, 2019, for the amounts that exceeded the properties' fair value less estimated selling costs. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. As of September 30, 2019 and December 31, 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Investment properties, net $ 1,702 $ 4,912 Rents and other tenant receivables, net 52 72 Above market leases, net — 420 Deferred costs and other assets, net 2 228 Total assets held for sale, excluding discontinued operations $ 1,756 $ 5,632 September 30, 2019 December 31, 2018 (unaudited) Loans payable $ 1,974 $ 3,818 Accounts payable 86 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 2,060 $ 4,058 As of September 30, 2019 and December 31, 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): September 30, 2019 December 31, 2018 (unaudited) Investment properties, net $ — $ 486 Total assets held for sale, discontinued operations $ — $ 486 September 30, 2019 December 31, 2018 (unaudited) Loans payable $ — $ 460 Accounts payable — 2 Total liabilities associated with assets held for sale, discontinued operations $ — $ 462 Dispositions In May 2019, an approximate 10,000 square foot outparcel at the JANAF property was demolished resulting in a $331 thousand write-off to make way for a new approximate 20,000 square foot building constructed by a new grocer tenant. The following properties were sold during the nine months ended September 30, 2019 and 2018: Disposal Date Property Contract Price Gain (loss) Net Proceeds (in thousands, unaudited) July 12, 2019 Perimeter Square $ 7,200 $ (81 ) $ — March 18, 2019 Graystone Crossing 6,000 1,452 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 June 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,042 1,160 The sale of the Chipotle ground lease at Conyers Crossing, Shoppes at Eagle Harbor, Jenks Plaza, Graystone Crossing and Perimeter Square did not represent a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the operating results of these properties remains classified within continuing operations for all periods presented. JANAF Executive Building In April 2019, the Company absorbed an approximate 25,000 square foot outparcel at JANAF as a result of an unlawful detainer with a delinquent tenant, Mariner Investments, LTD.
ASU 2016-02
Property, Plant and Equipment [Line Items]
ROU assets						$ 11,900,000
Lease liability						$ 11,990,000
Incremental borrowing rate on leases						4.84%
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Rent and other tenant receivables
Property, Plant and Equipment [Line Items]
Recoveries related to tenant receivables	$ 3,370,000		$ 3,370,000		$ 3,120,000
New Lease
Property, Plant and Equipment [Line Items]
Commission fee, percent fee			6.00%
Renewed Lease
Property, Plant and Equipment [Line Items]
Commission fee, percent fee			3.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Rental revenues	$ 15,385	$ 15,756	$ 46,546	$ 47,288
Asset management fees	16	48	42	220
Subtotal	15,680	16,222	47,407	49,719
Credit losses on operating lease receivables	(115)	(149)	(315)	(412)
Total Revenue	15,565	16,073	47,092	49,307
Minimum rent
Disaggregation of Revenue [Line Items]
Rental revenues	12,169	12,704	36,604	38,187
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	3,262	3,150	9,999	9,337
Percentage rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	69	51	258	176
Lease termination fees
Disaggregation of Revenue [Line Items]
Non-lease revenues	0	(15)	49	1,269
Commissions
Disaggregation of Revenue [Line Items]
Non-lease revenues	18	52	65	102
Other
Disaggregation of Revenue [Line Items]
Non-lease revenues	$ 146	$ 232	$ 390	$ 428

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Corporate General and Administrative Expenses ("CG&A") (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CG&A Schedule [Abstract]
Corporate administration	$ 455	$ 554	$ 1,562	$ 2,001
Professional fees	444	638	1,371	2,309
Corporate administration	326	299	934	968
Capital related costs	4	110	140	408
Taxes and licenses	40	23	172	227
Other	80	168	364	717
Other Selling, General and Administrative Expense	1,349	1,792	4,543	6,630
Less: Allocation of CG&A to Non-REIT management and leasing services	0	(89)	0	(151)
Total	$ 1,349	$ 1,703	$ 4,543	$ 6,479

Real Estate - Investment Proper

Real Estate - Investment Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Line Items]
Investment properties at cost	$ 465,821	$ 476,195
Less accumulated depreciation	(47,483)	(40,189)
Investment properties, net	418,338	436,006
Land and land improvements
Real Estate [Line Items]
Investment properties at cost	100,135	101,696
Buildings and improvements
Real Estate [Line Items]
Investment properties at cost	$ 365,686	$ 374,499

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ in Thousands	May 30, 2019USD ($)ft²	Feb. 07, 2019USD ($)a	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Apr. 30, 2019ft²	Dec. 31, 2018a
Business Acquisition [Line Items]
Depreciation expense			$ 2,920	$ 3,050	$ 8,991	$ 9,553
Impairment of assets held for sale			$ 400	$ 0	$ 1,547	$ 0
Harbor Point Land Parcel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Area of land | a		1.28						1.28
Write-off of demolished property		$ 0
JANAF Outparcel demolished | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Area of real estate property leased | ft²	10,000
Write-off of demolished property	$ 331
JANAF Outparcel new grocer tenant
Business Acquisition [Line Items]
Area of real estate property leased | ft²	20,000
JANAF Outparcel Mariner | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Area of real estate property leased | ft²							25,000

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Jul. 12, 2019USD ($)	Mar. 15, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 11, 2019USD ($)	Sep. 27, 2018USD ($)	Jun. 19, 2018USD ($)a	Jan. 12, 2018USD ($)	Dec. 31, 2018a
Perimeter Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price	$ 7,200
Gain	(81)
Net Proceeds	$ 0
Graystone Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price		$ 6,000
Gain		1,452
Net Proceeds		$ 1,744
Harbor Point Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land | a			1.28					1.28
Contract Price			$ 550
Gain			0
Net Proceeds			$ 19
Jenks Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price				$ 2,200
Gain				387
Net Proceeds				$ 1,840
Shoppes at TJ Maxx
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price					$ 5,705
Gain					1,270
Net Proceeds					$ 2,071
Laskin Road Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land | a						1.5
Contract Price						$ 2,858
Gain						903
Net Proceeds						$ 2,747
Chipotle Ground Lease at Conyers Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price							$ 1,270
Gain							1,042
Net Proceeds							$ 1,160

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Assets held for sale	$ 1,756	$ 6,118
Liabilities
Loans payable	2,060	4,520
Held-for-sale, Not Discontinued Operations
Assets
Investment properties, net	1,702	4,912
Rents and other tenant receivables, net	52	72
Above market leases, net	0	420
Deferred costs and other assets, net	2	228
Assets held for sale	1,756	5,632
Liabilities
Loans payable	1,974	3,818
Accounts payable	86	240
Total liabilities associated with assets held for sale	2,060	4,058
Held-for-sale, Discontinued Operations
Assets
Investment properties, net	0	486
Assets held for sale	0	486
Liabilities
Loans payable	0	460
Accounts payable	0	2
Total liabilities associated with assets held for sale	$ 0	$ 462

Notes Receivable (Details)

Notes Receivable (Details)	Sep. 29, 2016USD ($)a	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Aug. 31, 2018USD ($)
Related Party Transaction [Line Items]
Impairment charge recognized on notes receivable		$ 0	$ 0	$ 5,000,000	$ 0
Affiliated Entity | Construction Loan
Related Party Transaction [Line Items]
Note receivable from related parties	$ 20,000,000
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties	11,000,000
Interest not recognized on non-accrual note receivable		363,000		1,080,000
Partial Funding of Sea Turtle Development Note | Affiliated Entity | Construction Loan
Related Party Transaction [Line Items]
Note receivable from related parties	$ 11,000,000	0		0
Area of land for sale | a	10.39
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%
Impairment charge recognized on notes receivable		0		5,000,000
Total impairments recognized on note receivable		12,000,000		12,000,000
Interest not recognized on non-accrual note receivable		$ 363,000		$ 1,080,000
Partial Funding of Sea Turtle Development Note | Affiliated Entity | Construction Loan | Sea Turtle
Related Party Transaction [Line Items]
Notes receivable, over budget amount over construction loan						$ 8,000,000
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties	$ 1,000,000
Consideration for Sale of Land Note | Affiliated Entity | Construction Loan
Related Party Transaction [Line Items]
Note receivable from related parties	$ 1,000,000
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%

Deferred Costs - Deferred Costs

Deferred Costs - Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 23,257	$ 30,073
Tenant relationships, net	2,481	3,764
Lease origination costs, net	1,166	1,261
Other	749	716
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	16,530	21,785
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	2,283	2,488
Legal and marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 48	$ 59

Deferred Costs - Additional Inf

Deferred Costs - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,140	$ 2,990	$ 7,180	$ 11,390
Finite-lived intangible assets, accumulated amortization	$ 55,360		$ 55,360		$ 50,550

Deferred Costs - Future Amortiz

Deferred Costs - Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
For the remaining three months ending December 31, 2019	$ 1,791
December 31, 2020	5,838
December 31, 2021	3,715
December 31, 2022	2,908
December 31, 2023	2,283
December 31, 2024	1,652
Thereafter	4,321
Total	22,508
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
For the remaining three months ending December 31, 2019	1,358
December 31, 2020	4,506
December 31, 2021	2,810
December 31, 2022	2,142
December 31, 2023	1,661
December 31, 2024	1,147
Thereafter	2,906
Total	16,530
Tenant Relationships, net
Finite-Lived Intangible Assets [Line Items]
For the remaining three months ending December 31, 2019	308
December 31, 2020	860
December 31, 2021	448
December 31, 2022	354
December 31, 2023	227
December 31, 2024	128
Thereafter	156
Total	2,481
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
For the remaining three months ending December 31, 2019	68
December 31, 2020	274
December 31, 2021	274
December 31, 2022	274
December 31, 2023	274
December 31, 2024	274
Thereafter	845
Total	2,283
Lease Origination Costs, net
Finite-Lived Intangible Assets [Line Items]
For the remaining three months ending December 31, 2019	54
December 31, 2020	187
December 31, 2021	174
December 31, 2022	132
December 31, 2023	115
December 31, 2024	100
Thereafter	404
Total	1,166
Legal & Marketing Costs, net
Finite-Lived Intangible Assets [Line Items]
For the remaining three months ending December 31, 2019	3
December 31, 2020	11
December 31, 2021	9
December 31, 2022	6
December 31, 2023	6
December 31, 2024	3
Thereafter	10
Total	$ 48

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	Aug. 01, 2019	Jun. 28, 2019	Mar. 29, 2019	Feb. 07, 2019	Jan. 29, 2019	Jan. 11, 2019	Sep. 30, 2019	Jan. 15, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, interest rate. stated percentage							5.00%
Loans payable, net							$ 342,811,000		$ 360,190,000
Total Principal Balance							349,085,000		369,612,000
Unamortized debt issuance cost							(4,300,000)		(5,144,000)
Total Loans Payable, including Assets Held for Sale							344,785,000		364,468,000
Less loans payable on assets held for sale, net loan amortization costs							1,974,000		4,278,000
Harbor Point
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 11,024
Debt instrument, interest rate. stated percentage							5.85%
Perimeter Square
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							6.50%	6.50%
Loans payable, net							$ 0	$ 6,250,000	6,250,000
Perimeter Square Construction Loan
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							6.50%
Loans payable, net							$ 0	$ 247,000	247,000
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment			$ 406,000	$ 30,000		$ 323,000	300,000
Senior convertible notes
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 234,199
Debt instrument, interest rate. stated percentage							9.00%
Loans payable, net							$ 0		1,369,000
DF I-Moyock
Debt Instrument [Line Items]
Debt instrument, periodic payment							10,665
Loans payable, net							0		73,000
Rivergate
Debt Instrument [Line Items]
Debt instrument, periodic payment							144,937
Loans payable, net							$ 21,688,000		22,117,000
Rivergate | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							2.95%
Folly Road
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 32,827
Debt instrument, interest rate. stated percentage							4.00%
Loans payable, net							$ 5,961,000		6,073,000
Columbia Fire Station
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 25,452
Debt instrument, interest rate. stated percentage							4.00%
Loans payable, net							$ 4,086,000		4,189,000
Shoppes at TJ Maxx
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 33,880
Debt instrument, interest rate. stated percentage							3.88%
Loans payable, net							$ 5,394,000		5,539,000
First National Bank Line of Credit
Debt Instrument [Line Items]
Debt instrument, periodic payment							24,656
Loans payable, net							1,271,000		2,938,000
Lumber River
Debt Instrument [Line Items]
Debt instrument, periodic payment							10,723
Loans payable, net							$ 1,416,000		1,448,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							3.50%
JANAF Bravo
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 36,935
Debt instrument, interest rate. stated percentage							4.65%
Loans payable, net							$ 6,407,000		6,500,000
Walnut Hill Plaza
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 26,850
Debt instrument, interest rate. stated percentage							5.50%
Loans payable, net							$ 3,787,000		3,868,000
Twin City Commons
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 17,827
Debt instrument, interest rate. stated percentage							4.86%
Loans payable, net							$ 3,000,000		3,048,000
New Market
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 48,747
Debt instrument, interest rate. stated percentage							5.65%
Loans payable, net							$ 6,763,000		6,907,000
Shoppes at Eagle Harbor
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 53,185
Debt instrument, interest rate. stated percentage							5.71%
Loans payable, net							$ 7,414,000		7,567,000
New Market
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 33,340
Debt instrument, interest rate. stated percentage							5.71%
Loans payable, net							$ 5,660,000		5,713,000
JANAF
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 333,159
Debt instrument, interest rate. stated percentage							4.49%
Loans payable, net							$ 51,021,000		52,253,000
Tampa Festival
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 50,797
Debt instrument, interest rate. stated percentage							5.56%
Loans payable, net							$ 8,116,000		8,227,000
JANAF
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 50,973
Debt instrument, interest rate. stated percentage							5.40%
Loans payable, net							$ 8,419,000		8,529,000
Riversedge North
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 11,436
Debt instrument, interest rate. stated percentage							5.77%
Loans payable, net							$ 1,775,000		1,800,000
Forrest Gallery
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 68,320
Debt instrument, interest rate. stated percentage							5.25%
Loans payable, net							$ 11,725,000		11,867,000
Cypress Shopping Center
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 34,360
Debt instrument, interest rate. stated percentage							4.70%
Loans payable, net							$ 6,297,000		6,379,000
Port Crossing
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 34,788
Debt instrument, interest rate. stated percentage							4.84%
Loans payable, net							$ 6,063,000		6,150,000
Freeway Junction
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 41,798
Debt instrument, interest rate. stated percentage							4.60%
Loans payable, net							$ 7,761,000		7,863,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 19,112
Debt instrument, interest rate. stated percentage							4.55%
Loans payable, net							$ 3,434,000		3,486,000
Graystone Crossing
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 20,386
Debt instrument, interest rate. stated percentage							4.55%
Loans payable, net							$ 0		3,863,000
Bryan Station
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 23,489
Debt instrument, interest rate. stated percentage							4.52%
Loans payable, net							$ 4,414,000		4,472,000
Crockett Square
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.47%
Loans payable, net							$ 6,338,000		6,338,000
Pierpont Centre
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.15%
Loans payable, net							$ 8,113,000		8,113,000
Alex City Marketplace
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							3.95%
Loans payable, net							$ 5,750,000		5,750,000
Butler Square
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							3.90%
Loans payable, net							$ 5,640,000		5,640,000
Brook Run Shopping Center
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.08%
Loans payable, net							$ 10,950,000		10,950,000
Beaver Ruin Village I and II
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.73%
Loans payable, net							$ 9,400,000		9,400,000
Sunshine Shopping Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.57%
Loans payable, net							$ 5,900,000		5,900,000
Barnett Portfolio
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.30%
Loans payable, net							$ 8,770,000		8,770,000
Fort Howard Shopping Center
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.57%
Loans payable, net							$ 7,100,000		7,100,000
Conyers Crossing
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.67%
Loans payable, net							$ 5,960,000		5,960,000
Grove Park Shopping Center
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.52%
Loans payable, net							$ 3,800,000		3,800,000
Parkway Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.57%
Loans payable, net							$ 3,500,000		3,500,000
Winslow Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.82%
Loans payable, net							$ 4,620,000		4,620,000
JANAF BJ's
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 29,964
Debt instrument, interest rate. stated percentage							4.95%
Loans payable, net							$ 4,985,000		5,065,000
Chesapeake Square
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 23,857
Debt instrument, interest rate. stated percentage							4.70%
Loans payable, net							$ 4,373,000		4,434,000
Berkley/Sangaree/Tri-County
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.78%
Loans payable, net							$ 9,400,000		9,400,000
Riverbridge
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.48%
Loans payable, net							$ 4,000,000		4,000,000
Franklin
Debt Instrument [Line Items]
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage							4.93%
Loans payable, net							$ 8,516,000		8,516,000
Village of Martinsville
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 89,664					$ 89,664
Debt instrument, interest rate. stated percentage		4.28%					4.28%
Loans payable, net		$ 16,500,000					$ 16,442,000		0
Laburnum Square
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 37,842
Debt instrument, payment terms							Interest only
Debt instrument, interest rate. stated percentage	4.28%						4.28%
Loans payable, net	$ 7,670,000						$ 7,665,000		0
Harbor Point
Debt Instrument [Line Items]
Loans payable, net							0		460,000
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 20,000		$ 109,658
Debt instrument, interest rate. stated percentage							10.00%
Loans payable, net							$ 0		1,059,000
Line of Credit | First National Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							3.00%
Line of Credit | KeyBank Line of Credit
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 250,000
Loans payable, net							$ 25,991,000		$ 52,102,000
Line of Credit | KeyBank Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							3.50%

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)

Nov. 01, 2019USD ($)

Aug. 31, 2019USD ($)

Aug. 01, 2019USD ($)

Jun. 28, 2019USD ($)

May 01, 2019USD ($)

Apr. 25, 2019USD ($)

Mar. 29, 2019USD ($)

Mar. 19, 2019USD ($)

Feb. 07, 2019USD ($)a

Jan. 29, 2019USD ($)

Jan. 11, 2019USD ($)

Dec. 31, 2018USD ($)property

Dec. 21, 2017

Sep. 30, 2019USD ($)propertyparcel

Apr. 30, 2020USD ($)

Jan. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Jul. 31, 2019USD ($)

Apr. 30, 2019USD ($)

Jan. 15, 2019USD ($)

Debt Instrument [Line Items]

Loans payable, net

$ 360,190,000

$ 342,811,000

Debt instrument, interest rate. stated percentage

5.00%

Scheduled maturities of long-term debt

$ 64,390,000

Number of undeveloped parcels | parcel

6

First National Bank Line of Credit

Debt Instrument [Line Items]

Debt instrument, periodic payment

$ 24,656

Line of credit maximum borrowing capacity

$ 1,510,000

Loans payable, net

2,938,000

1,271,000

Revere Loan

Debt Instrument [Line Items]

Debt instrument, periodic payment

$ 406,000

$ 30,000

$ 323,000

300,000

Perimeter Square

Debt Instrument [Line Items]

Loans payable, net

6,250,000

$ 0

$ 6,250,000

Debt instrument, interest rate. stated percentage

6.50%

6.50%

Perimeter Square | Promissory Note

Debt Instrument [Line Items]

Loans payable, net

$ 6,500,000

Perimeter Square Construction Loan

Debt Instrument [Line Items]

Loans payable, net

247,000

$ 0

$ 247,000

Debt instrument, interest rate. stated percentage

6.50%

Village of Martinsville

Debt Instrument [Line Items]

Debt instrument, periodic payment

$ 89,664

$ 89,664

Loans payable, net

$ 16,500,000

0

$ 16,442,000

Debt instrument, interest rate. stated percentage

4.28%

4.28%

Laburnum Square

Debt Instrument [Line Items]

Debt instrument, periodic payment

$ 37,842

Loans payable, net

$ 7,670,000

0

$ 7,665,000

Debt instrument, interest rate. stated percentage

4.28%

4.28%

Revere Loan

Debt Instrument [Line Items]

Debt instrument, periodic payment

$ 20,000

$ 109,658

Loans payable, net

$ 1,059,000

$ 0

Debt instrument, interest rate. stated percentage

10.00%

Line of Credit | First National Bank Line of Credit | LIBOR

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.00%

Line of Credit | KeyBank

Debt Instrument [Line Items]

Number of collateral properties | property

8

8

Debt instrument, periodic payment

$ 250,000

$ 1,000,000

$ 850,000

Borrowings outstanding under line of credit

$ 25,990,000

$ 27,000,000

Line of credit maximum borrowing capacity

$ 11,000,000

$ 7,500,000

Interest rate on line of credit facility at the end of period

5.54%

Scheduled maturities of long-term debt

$ 25,990,000

Line of Credit | KeyBank | Subsequent Event

Debt Instrument [Line Items]

Debt instrument, periodic payment

$ 350,000

Borrowings outstanding under line of credit

$ 2,000,000

$ 10,000,000

$ 12,000,000

Line of credit paydown

$ 7,160,000

Line of Credit | KeyBank | Amended and Restated Credit Agreement

Debt Instrument [Line Items]

Line of credit facility, extension period

1 year

1 year

Line of Credit | KeyBank | LIBOR

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.50%

Line of Credit | KeyBank | LIBOR | Amended and Restated Credit Agreement

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.50%

Line of Credit | KeyBank | Ladson Crossing, Lake Greenwood and South Park | Amended and Restated Credit Agreement

Debt Instrument [Line Items]

Repayments of overadvance

$ 3,830,000

Number of collateral properties | property

6

Line of Credit | KeyBank | Village of Martinsville

Debt Instrument [Line Items]

Line of credit paydown

$ 15,460,000

Line of Credit | KeyBank | Laburnum Square

Debt Instrument [Line Items]

Line of credit paydown

$ 7,550,000

Harbor Point | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Debt Instrument [Line Items]

Area of real estate property leased | a

1.28

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
For the remaining three months ended December 31, 2019	$ 48,899
December 31, 2020	22,506
December 31, 2021	10,944
December 31, 2022	8,482
December 31, 2023	85,326
December 31, 2024	44,020
Thereafter	128,908
Total principal repayments and debt maturities	$ 349,085

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
For the remaining three months ended December 31, 2019	$ 11,817
December 31, 2020	43,201
December 31, 2021	35,531
December 31, 2022	28,790
December 31, 2023	22,962
December 31, 2024	16,539
Thereafter	41,662
Total minimum rents	$ 200,502

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details)	Jan. 01, 2019	Sep. 30, 2019USD ($)directorquarter$ / sharesshares	Sep. 30, 2018shares	Sep. 30, 2019USD ($)directorquarter$ / sharesshares	Sep. 30, 2018shares	Dec. 31, 2018USD ($)$ / sharesshares	Apr. 29, 2019shares	Jun. 15, 2016shares	Jun. 04, 2015shares	Apr. 29, 2014$ / sharesshares
Equity [Line Items]
Convertible Preferred Stock, Terms of Conversion				P20D
Preferred Stock, Redemption Price Per Share | $ / shares		$ 25		$ 25
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)							248,325
Series A Preferred
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		562		562		562
Preferred stock, shares authorized (in shares)		4,500		4,500		4,500
Preferred stock, liquidation price per share (in dollars per share) | $ / shares		$ 1,000		$ 1,000		$ 1,000
Preferred Stock, Liquidation Preference, Value | $		$ 562,000		$ 562,000		$ 562,000
Preferred stock shares issued (in shares)		562		562		562
Series B Convertible Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)		5,000,000		5,000,000
Preferred stock, liquidation price per share (in dollars per share) | $ / shares		$ 25		$ 25
Preferred Stock, Liquidation Preference, Value | $		$ 46,900,000		$ 46,900,000
Preferred Stock, Dividend Rate, Percentage				9.00%
Preferred stock shares issued (in shares)		1,875,748		1,875,748
Preferred Stock Adjusted Conversion Price Per Share | $ / shares		$ 58		$ 58
Preferred Stock, Redemption Price Per Share | $ / shares		$ 40		$ 40
Redeemable Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		562		562
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		3,600,636		3,600,636
Preferred stock, shares authorized (in shares)		4,000,000		4,000,000
Preferred stock, liquidation price per share (in dollars per share) | $ / shares		$ 25		$ 25
Preferred Stock, Liquidation Preference, Value | $		$ 99,240,000		$ 99,240,000		$ 91,980,000
Preferred Stock, Dividend Rate, Percentage	10.75%					8.75%
Preferred stock shares issued (in shares)		3,600,636		3,600,636
Preferred Stock, Initial Liquidation Preference Per Share | $ / shares		$ 2.1875		$ 2.1875
Preferred Stock, Dividend Over Initial Rate, Percentage				2.00%
Convertible Preferred Stock Conversion Price | $ / shares				$ 16.96
Number of business days to increase dividend rate after failure to pay any dividend				3
Preferred Stock, Liquidation Preference Per Share Per Annum | $ / shares		$ 0.50		$ 0.50
Preferred Stock, Minimum Consecutive Quarterly Periods for Dividends in Arrears | quarter		6		6
Number of Additional Directors | director		2		2
Preferred Stock, Percentage of Holders of Shares Outstanding		20.00%		20.00%
Common Stock
Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)										1,986,600
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)										0.125
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares										$ 44
Common Stock | 2015 Long-Term Incentive Plan
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares)									125,000
Shares available for issuance under Share Incentive Plan (in shares)		41,104		41,104
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		0	0	0	0
Common Stock | 2016 Long-Term Incentive Plan
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares)								625,000
Shares available for issuance under Share Incentive Plan (in shares)		132,707		132,707
Equity Distribution Agreement | Series A Preferred | Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage				9.00%
Conversion Price Percentage				103.00%
Maximum | Series D Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage				14.00%

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Preferred - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Increase (Decrease) in Temporary Equity [Roll Forward]
Series D Preferred, Beginning Balance	$ 82,090	$ 79,522	$ 76,955	$ 74,690	$ 74,542	$ 53,236
Accretion of Preferred Stock discount	148	149	148	148	148	148
Undeclared dividends	2,419	2,419	2,419
Issuance of Preferred Stock for acquisition of JANAF						21,158
Series D Preferred, Ending Balance	$ 84,657	$ 82,090	$ 79,522	$ 74,838	$ 74,690	$ 74,542

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Antidilutive Securities Excluded From Calculation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	1,875,748	1,875,748
Potential dilutive shares (in shares)	1,172,343
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	3,600,636
Potential dilutive shares (in shares)	5,307,541
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units (in shares)	235,032
Potential dilutive shares (in shares)	235,032

Equity and Mezzanine Equity - S

Equity and Mezzanine Equity - Summary of Preferred Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Series A Preferred
Dividends Payable [Line Items]
Declared	$ 0	$ 0	$ 0	$ 0	$ 13	$ 13	$ 13	$ 0	$ 39
Arrears	$ 13	$ 13	$ 13	$ 13	$ 0	$ 0	$ 0	39	0
Per Share	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50
Series B Preferred
Dividends Payable [Line Items]
Declared	$ 0	$ 0	$ 0	$ 0	$ 1,056	$ 1,055	$ 1,055	0	3,166
Arrears	$ 1,055	$ 1,056	$ 1,055	$ 1,055	$ 0	$ 0	$ 0	3,166	0
Per Share	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56
Series D Preferred
Dividends Payable [Line Items]
Declared	$ 0	$ 0	$ 0	$ 0	$ 1,969	$ 1,969	$ 1,969	0	5,907
Arrears	$ 1,969	$ 2,419	$ 2,419	$ 2,419	$ 0	$ 0	$ 0	$ 7,257	$ 0
Per Share	$ 0.55	$ 0.67	$ 0.67	$ 0.67	$ 0.55	$ 0.55	$ 0.55

Equity and Mezzanine Equity -_3

Equity and Mezzanine Equity - Summary of Compensation Costs (Details) - 2016 Long-Term Incentive Plan - Common Stock - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Shares Issued (in shares)	181,807,000	168,217,000
Market Value	$ 166	$ 894

Lease Commitments - Additional

Lease Commitments - Additional Information (Details)	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	35 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	50 years

Lease Commitments - Payments fo

Lease Commitments - Payments for Ground Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessor, Lease, Description [Line Items]
Total ground leases	$ 238	$ 204	$ 732	$ 608
Amscot
Lessor, Lease, Description [Line Items]
Total ground leases	7	5	$ 19	14
Expiration Year			2045
Beaver Ruin Village
Lessor, Lease, Description [Line Items]
Total ground leases	14	11	$ 41	34
Expiration Year			2054
Beaver Ruin Village II
Lessor, Lease, Description [Line Items]
Total ground leases	6	5	$ 17	15
Expiration Year			2056
Leased office space Charleston, SC
Lessor, Lease, Description [Line Items]
Total ground leases	17	25	$ 67	75
Expiration Year			2019
Moncks Corner
Lessor, Lease, Description [Line Items]
Total ground leases	30	30	$ 91	91
Expiration Year			2040
Devine Street
Lessor, Lease, Description [Line Items]
Total ground leases	99	63	$ 297	188
Expiration Year			2051
JANAF
Lessor, Lease, Description [Line Items]
Total ground leases	65	65	$ 200	191
Expiration Year			2069
Ground leases variable percentage rent	$ 29	$ 29	$ 90	$ 82

Lease Commitments - Supplementa

Lease Commitments - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 161	$ 500
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 11,904

Lease Commitments - Undiscounte

Lease Commitments - Undiscounted Cash Flows of Scheduled Obligations Under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
For the remaining three months ended December 31, 2019	$ 144
December 31, 2020	583
December 31, 2021	637
December 31, 2022	640
December 31, 2023	642
December 31, 2024	644
Thereafter	23,109
Total minimum lease payments	26,399
Discount	(14,478)
Operating lease liabilities	11,921	$ 0
Operating lease options to extend	$ 7,540

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2019USD ($)loan	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Sep. 01, 2011USD ($)
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought		$ 1,000,000	$ 0				$ 0
Debt instrument, interest rate. stated percentage			5.00%		5.00%
Series D Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, liquidation price per share (in dollars per share) | $ / shares			$ 25		$ 25
Northeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent			4.00%		4.00%
Mid Atlantic
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent			36.00%		36.00%
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent			60.00%		60.00%
Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Grove Economic Development Authority
Loss Contingencies [Line Items]
Debt issued								$ 2,415,000
Number of semi-annual payment installments								50
Guarantor obligations, maximum exposure amount								$ 2,260,000
Guarantor obligations funded			$ 0	$ 0	$ 44,000	$ 5,000
Amounts accrued for guarantor obligations			$ 0		$ 0
Minimum | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Grove Economic Development Authority
Loss Contingencies [Line Items]
Debt instrument, interest rate. stated percentage								2.29%
Maximum | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Grove Economic Development Authority
Loss Contingencies [Line Items]
Debt instrument, interest rate. stated percentage								14.00%
Guarantee of Indebtedness of Others
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought		$ 150,000
Construction Loan | Affiliated Entity | Partial Funding of Sea Turtle Development Note | Guarantee of Indebtedness of Others
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought	$ 0
Number of loans in default | loan	2

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Notes receivable, net	$ 0		$ 5,000
Wheeler Interests and Affiliates
Related Party Transaction [Line Items]
Amounts paid to affiliates	0	$ 15
Amounts received from affiliates	16	$ 113
Pineland Shopping Center
Related Party Transaction [Line Items]
Notes receivable, net	$ 0		$ 5,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Sep. 29, 2016
Related Party Transaction [Line Items]
Impairment of notes receivable		$ 0	$ 0	$ 5,000,000	$ 0
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties							$ 11,000,000
Interest not recognized on non-accrual note receivable		363,000		1,080,000
Interest unpaid		3,860,000		3,860,000
Impaired Financing Receivable, Related Allowance, Recoveries		22,000	$ 0	22,000	$ 77,000
Impaired Financing Receivable, Related Allowance		2,150,000		2,150,000		$ 2,200,000
Provision for Loan and Lease Losses		0		0		$ 0
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties							1,000,000
Pineland Shopping Center
Related Party Transaction [Line Items]
Development Fee, Percent Fee	5.00%
Construction Loan | Affiliated Entity
Related Party Transaction [Line Items]
Note receivable from related parties							20,000,000
Construction Loan | Affiliated Entity | Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties		0		0			11,000,000
Total impairments recognized on note receivable		12,000,000		12,000,000
Impairment of notes receivable		0		5,000,000
Interest not recognized on non-accrual note receivable		$ 363,000		$ 1,080,000
Construction Loan | Affiliated Entity | Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties							$ 1,000,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 01, 2019	May 01, 2019	Apr. 25, 2019	Mar. 19, 2019	Apr. 30, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 05, 2019	Sep. 30, 2019	Jul. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Debt instrument, interest rate. stated percentage									5.00%
Loans payable, net									$ 342,811		$ 360,190
Line of Credit | KeyBank
Subsequent Event [Line Items]
Debt instrument, periodic payment		$ 250	$ 1,000	$ 850
Borrowings outstanding under line of credit									$ 25,990	$ 27,000
Line of Credit | KeyBank | Subsequent Event
Subsequent Event [Line Items]
Line of credit paydown	$ 7,160
Debt instrument, periodic payment	$ 350
Borrowings outstanding under line of credit					$ 2,000	$ 10,000	$ 12,000
Litchfield Market Village | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, interest rate. stated percentage	5.50%
Loans payable, net	$ 7,500
Commercial Real Estate [Member] | Line of Credit | KeyBank | Subsequent Event
Subsequent Event [Line Items]
Borrowings outstanding under line of credit								$ 15,000